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Citigroup Lowers Cypress Semiconductor to Hold

Citigroup downgraded Cypress Semiconductor (CY) to hold from buy.

Analyst Glen Yeung says with Cisco's inventory up approximately 30% in calendar-year 2004, he thinks Cisco is poised to trim inventory levels going forward. He says Cisco's rising inventory creates a risk to Cypress Semi's expectation of 15% to 20% revenue growth from Cisco in the third quarter, justifying his downgrade.

Yeung says Cisco's concerns over a decelerating macro-environment also adds risk to the Street's 15% revenue growth expectation from the company in 2005. He thinks the Cisco news is likely to weigh on Cypress for the next several months. He sees 93 cents 2004 earnings per share, and $1.09 2005 earnings per share. He cut the $16.50 target to $12.50.

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