Goldman Raises PT on Cree (CREE), Calls Branded LED Price Points 'Very Competitive'

March 5, 2013 11:10 AM EST
Get Alerts CREE Hot Sheet
Price: $27.59 --0%

Rating Summary:
    12 Buy, 23 Hold, 5 Sell

Rating Trend: Down Down

Today's Overall Ratings:
    Up: 6 | Down: 3 | New: 2
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Goldman Sachs today maintained a Buy rating on Cree (NASDAQ: CREE) and raised its price target to $48.00 (from $46.00). Yesterday the company announced branded LED lights that will be sold at Home Depot (NYSE: HD).

Commenting on the news, analyst Brian Lee said, "We view the price points as very competitive, especially considering an industry-leading 10-year warranty and technology featuring Cree’s high-power LEDs," said analyst Brian Lee.

"Given the potential for lower unit ASPs to impact margins, we would not be surprised if investors initially view Cree's move into consumer bulbs skeptically. However, we believe this is simply another positive development in Cree's strategy to go on the offensive in building its channel access," added the analyst.

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 $44.72 yesterday.

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