Jefferies Remains Ho-Hum on LED Space (AYI) (CREE)

April 2, 2013 8:13 AM EDT
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Price: $208.55 +0.33%

Rating Summary:
    14 Buy, 12 Hold, 1 Sell

Rating Trend: Down Down

Today's Overall Ratings:
    Up: 21 | Down: 16 | New: 10
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Jefferies provided thoughts on the LED sector and stocks Acuity Brands (NYSE: AYI) and Cree (NASDAQ: CREE) Tuesday and adjusted its earnings estimates and price targets.

On Cree, they believe shares are factoring in near-flawless execution, limited pricing pressure and massive share gains in the NA Lighting market. Jefferies is maintaining an Underperform rating and $32 price target as they expect expectations to moderate. The firm moved Q3 EPS estimatse up from $0.32 to $0.35, FY2013 from $1.27 to $1.32 and FY2014 from $1.55 to $1.65.

On Acuity Brands (NYSE: AYI) they believe the next several quarters will continue to be challenging for AYI's core market and they look to become more positive on pull-backs. The firm maintained a Hold rating but raised its price target from $65 to $68. The firm cut Q2 EPS estimates from $0.69 to $0.55, FY2013 from $3.60 to $3.23 and FY2014 from $4.03 to $3.53.

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

Shares of Acuity Brands closed at $68.92 yesterday.

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