Jefferies Cuts Numbers on Cree (CREE) After Q4

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Jefferies cut estimates and its price target on Cree (NASDAQ: CREE) from $35 to $30 but kept its Buy rating following fourth quarter results.

The firm comments, "Indoor/outdoor LED lighting growth remains strong. The disruptive agency transition from Rudd acquisition is complete and momentum has returned. The company targets significant lighting growth through F13 citing good customer payback period under 2 years. While the LED component division has improved, it continues to drag on growth."

Q1 EPS goes from $0.37 to $0.24 and FY13 from $1.75 to $1.29.

For an analyst ratings summary and ratings history on Cree click here. For more ratings news on Cree click here.

Shares of Cree closed at $26.34 yesterday, with a 52 week range of $20.25-$37.30.

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