Today’s Research Reports on Stocks to Watch: Cypress Semiconductor Corporation and United Microelectronics Corporation
Semiconductor stocks Cypress Semiconductor Corporation and United Microelectronics Corporation saw significant boosts to their share prices on Wednesday. Cypress soared higher after an analyst remarked that Apple’s iPhone 8 this fall could help company chip sales. United Microelectronics hit a new high despite any remarkable news aside from Barchart.com laying out a six month positive chart on the stock.
RDI Initiates Coverage on:
Cypress Semiconductor Corporation
United Microelectronics Corporation
Cypress Semiconductor Corporation shares had a big gaining day yesterday, closing the day up 8.71% on high volume. So why the big move? Most because of Apple’s iPhone. According to Barclays analyst Blayne Curtis, the semiconductor company could be seeing 25% more than analysts expect in 2018 due to having its chips for power management being built into Apple’s new iPhone (the iPhone 8) that is set to debut this fall. Curtis also raised his rating on the stock from "neutral" to "overweight" and gave the stock a price target increase from $14 to $18. The analyst noted that by "supplying a so-called controller chip, that manages "power delivery," Cypress can add 24 cents per share to its earnings in calendar 2018." Curtis wrote in his note, "Adding USB-C Wins in IP8 and iPads: While the port on the portable devices stays Lightning, we believe AAPL is moving to USB-C connectors for its chargers and including silicon in the iPhones/iPads to enable fast charging." He also wrote, "We believe that in the IP8, AAPL likely includes the CY USB-PD chip in the phone and an additional chip within the power brick in box (likely a new 10W, which would use a more integrated solution with Cypress PD). There had been some chatter of a chip or two in the charger cable, but we believe that is not the case this generation."
Access RDI’s Cypress Semiconductor Research Report at:
United Microelectronics Corporation shares closed up 10.95% yesterday making the stock one of the biggest winners on the NYSE. Shares also catapulted to a brand new high of $2.37 despite any big news. Volume was 4 times than the usual volume. Although there was no remarkable news from the company, Barchart.com did lay out a 6 month positive chart set up for the company on Wednesday. Several analysts covering the stock have a buy rating on it. JP Morgan has had an "overweight" rating issued on the stock since last October and HSBC gave it a "buy" rating earlier in January. The semiconductor company has a market cap of a little over $6 billion and works in two divisions; water fabrication and new business.
Access RDI’s United Microelectronics Research Report at:
Our Actionable Research on Cypress Semiconductor Corporation (NASDAQ: CY) and United Microelectronics Corporation (NYSE: UMC) can be downloaded free of charge at Research Driven Investing.
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