Needham & Company Bumps PT/Est on Cree (CREE) on 'Solid' Q3

April 24, 2013 7:56 AM EDT
Get Alerts CREE Hot Sheet
Price: $27.51 -1.93%

Rating Summary:
    12 Buy, 23 Hold, 5 Sell

Rating Trend: Down Down

Today's Overall Ratings:
    Up: 24 | Down: 17 | New: 14
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Needham & Company raised estimates and its price target on Cree (NASDAQ: CREE) from $60 to $63 following "solid" Q3 results and higher revenue guidance. The firm's Buy rating was maintained.

"We believe this report confirmed that Cree's strengthened position in LED lighting will enable continued growth in the next several quarters," analyst Y. Edwin Mok comments. "While the stock will likely open lower today due to the high expectation going into the call, a lack of upside to earnings, and the weaker F3Q gross margins, we recommend investors buy on weakness, as we believe the accelerated adoption of LED lighting and further growth will drive the share price higher. Reiterate our Buy rating and raise our PT from $60 to $63"

The firm lifted FY 2013 EPS estimates from $1.31 to $1.32 and FY 2014 from $1.93 to $1.94.

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 $57.69 yesterday.

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