Goldman Boosts Cree (CREE) Price Target, Notes Strength in LED Bulbs

July 2, 2013 10:48 AM EDT Send to a Friend
Get Alerts CREE Hot Sheet
Price: $29.67 +0.92%

Rating Summary:
    8 Buy, 26 Hold, 3 Sell

Rating Trend: Down Down

Today's Overall Ratings:
    Up: 24 | Down: 28 | New: 14
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Goldman Sachs today maintained a Buy rating on Cree (NASDAQ: CREE) and raised its price target of $73.00 (from $60.00). Analyst Brian Lee is more positives on Cree's LED consumer bulbs and sees 15%-20% upside to 2014 consensus EPS.

"Since launching in March, we believe Cree's consumer LED bulbs have experienced better-than-expected sales based on our channel checks at Home Depot, particularly for the 60W version. Additionally, feedback from investors suggests interest in Cree's LED bulb opportunity is high, though overall sentiment remains divided, in our view," said Lee.

"With a US phase-out of 40W and 60W incandescent bulbs – the largest volume lighting category –starting in 2014, our sensitivity analysis suggests potential for medium-term sales and EPS upside for Cree," he added.

For an analyst ratings summary and ratings history on Cree (NASDAQ: CREE) click here. For more ratings news on Cree click here.

Shares of Cree closed at $64.20 yesterday.


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