After spending more than two years at no better than a four-star rank, Cypress Semiconductor (Nasdaq: CY) has impressed enough top-performing members of our 170,000-strong Motley Fool CAPS community lately to break out and reach the five-star level. A total of 847 members have given their opinion on the semiconductor firm, with many of them offering analysis and commentary explaining the recent optimism.

Cypress Semiconductor's strong sales momentum in recent quarters and progress in recovering from the recession are catching the attention of more CAPS members who see big growth potential for the company. It saw sales gains in each of its segments in the second quarter, helping revenue jump 43%, reaching levels it hasn't seen since the third quarter of 2008 at the brink of the financial crisis. Cypress doesn't expect the strong quarter to be a one-time showing either, and looks for the demand to continue.

In addition to the growth of Cypress' silicon solutions for touchscreen smartphones -- which is expected to ramp up further after it recently added significant orders from two more major handset suppliers -- the emerging tablet market is also expected to be a significant revenue opportunity going forward. Similar to peer Atmel (Nasdaq: ATML), Cypress has been booking design wins for its chips as both companies race to grab market share away from competitor Synaptics (Nasdaq: SYNA). While Apple's (Nasdaq: AAPL) iPad has been the leader in tablets so far -- sporting chips from Broadcom (Nasdaq: BRCM), Texas Instruments (NYSE: TXN), and Atmel -- more manufacturers, like Research In Motion (Nasdaq: RIMM), have their own devices in the works and Cypress expects to capture more revenue in the space next year as the market develops.   

The growth isn't all wrapped up in mobile devices, though. Opportunities for its chip technology include its win for its chips to be in the center panel touchscreen of the Chevrolet Volt. With a strong balance sheet and bright outlook for its markets, CAPS members look for Cypress to continue gaining traction.

Do you think Cypress Semiconductor deserves its raised status? Add your thoughts in the comments box below on this page, or head over to CAPS to rate the company and check out all the information and opinions the community offers, absolutely free.

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Fool contributor Dave Mock owns no shares of companies mentioned here. Cypress Semiconductor is a Rule Breakers choice. Apple is a Stock Advisor selection. The Fool owns shares of Apple and Texas Instruments.

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