The choppy/consolidating (or perhaps worse) market conditions sometimes give the impression that growth plays do not exist. That is not the case, and one growth company worth reviewing is Cypress Semiconductor.

Cypress Semiconductor (NYSE: CY) is a manufacturer of high-performance integrated circuits, memory chips and silicon solar cells.

Analysts really like Cypress' revenue growth prospects of 23-25% following a likely 45-50% increase in 2007.

Analysts also like Cypress' recent acquisition of PowerLight Corp. and expect the purchase to drive a significant earnings increase. CY's SunPower business is another plus, due to its potential growth and undervalued status.

Meanwhile, margins should remain strong at 34-37% in 2008, although they may narrow from 2007's likely 40-42%. The Reuters F2008/F2009 EPS consensus estimates for CY are $1.34/$2.05.

The risks? Cypress remains vulnerable to a downturn in semiconductor demand. Analysts are also keeping an eye on stock option allocation, which is above-average compared to peers.

The First Call mean rating for CY is: Buy. [12 firms.] Mean 2008 target: $39.00. [high: $50, low: $23.]

Stock Analysis: Cypress Semiconductor is a moderate-risk stock not suitable for low-risk investors. Investors with an investment horizon longer than two years should be rewarded from CY's shares. Sell / Stop Loss if you were to purchase shares in this company: $8.

DISCLOSURE: Joseph Lazzaro has no positions in stocks. In addition to private real estate holdings, he owns corporate and municipal bonds, and cash certificates of deposit.