Cree (CREE): Still On The Injured Roster - Needham
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Needham & Company analyst, Edwin Mok, reiterated his Hold rating on shares of Cree (NASDAQ: CREE), after the company reported slightly better-than-expected F1Q17 (Sep) results but provided disappointing guidance with no growth at the midpoint. The weak results highlighted the ongoing challenges in rebuilding business momentum in the Lighting business.
The analyst stated "Without any meaningful M&A on the horizon, we believe the Lighting business will require 2-3 quarters before it returns to growth. The LED business looks stable in a competitive environment, but also lacks growth drivers". He went on to say "CREE appears devoid of any near-term catalysts"
Shares of Cree closed at $25.20 yesterday.
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