Needham & Company Bumps Price Target on Cree (CREE) Following "Clean" Q1
Tweet Send to a FriendGet Alerts CREE Hot Sheet
Price: $60.15 +0.82%
Rating Summary:
13 Buy, 18 Hold, 3 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 13 | Down: 24 | New: 24
Rating Summary:
13 Buy, 18 Hold, 3 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 13 | Down: 24 | New: 24
Trade CREE Now!
Needham & Company raised its price target on Buy-rated Cree (NASDAQ: CREE) from $30 to $32 following "relatively clean" Q1 results.
The firm comments, "CREE reported a relatively clean F1Q13 (Sep) with a higher EPS and sequentially higher guidance. We believe expectations were relatively tempered given downward estimate reductions ahead of the call. With continued margin expansion particularly in LED components and solid growth in LED lighting, we believe CREE is executing the vertical integration strategy. We believe the report confirms growing adoption of CREE's LED lighting, and we expect the stock to track higher."
The firm raised FY13E non-GAAP EPS to $1.19 and FY14 to $1.80.
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 $26.19 yesterday, with a 52 week range of $20.25-$33.45.
Join StreetInsider.com FREE and get immediately alerted when news breaks on your stocks and other market items - JOIN NOW
*NEW - Download StreetInsider's FREE iPhone and iPad App - Click Here
The firm comments, "CREE reported a relatively clean F1Q13 (Sep) with a higher EPS and sequentially higher guidance. We believe expectations were relatively tempered given downward estimate reductions ahead of the call. With continued margin expansion particularly in LED components and solid growth in LED lighting, we believe CREE is executing the vertical integration strategy. We believe the report confirms growing adoption of CREE's LED lighting, and we expect the stock to track higher."
The firm raised FY13E non-GAAP EPS to $1.19 and FY14 to $1.80.
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 $26.19 yesterday, with a 52 week range of $20.25-$33.45.
Join StreetInsider.com FREE and get immediately alerted when news breaks on your stocks and other market items - JOIN NOW
*NEW - Download StreetInsider's FREE iPhone and iPad App - Click Here
You May Also Be Interested In
- UPDATE: UBS Downgrades Carnival (CCL) to Neutral; Worst May Not Be Behind
- Jefferies Bumps PT/Est. on AO Smith (AOS)
- UPDATE: BTIG Starts ING U.S (VOYA) at Buy, Shares 'Significantly Undervalued'
Create E-mail Alert Related Categories
Analyst Comments, Analyst EPS Change, Analyst EPS View, Analyst PT ChangeRelated Entities
Needham & Company
Login with Facebook
Sign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!
