Needham & Company Bumps Price Target on Cree (CREE) Following "Clean" Q1

October 17, 2012 8:15 AM EDT
Get Alerts CREE Hot Sheet
Price: $28.05 +1.56%

Rating Summary:
    12 Buy, 23 Hold, 5 Sell

Rating Trend: Down Down

Today's Overall Ratings:
    Up: 30 | Down: 30 | New: 23
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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.

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