Needham & Company Lifts PT on Cree (CREE) on 'Strong' Q2

January 23, 2013 7:43 AM EST
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 $36 to $42 post Q2.

The firm comments, "CREE reported a strong F2Q13 (Dec) and provided guidance above the Street’s estimates. The top-line growth and continued margin expansion in both the LED components and lighting businesses confirm Cree’s technology leadership in LEDs and validate its vertical integration strategy. We believe the report confirms our thesis that market leaders like Cree are seeing outsized benefits from LED lighting adoption. Longer-term, we believe Cree’s strengthening positions in commercial and outdoor LED lighting coupled with cost improvements will enable Cree to deliver further growth and margin expansion."

The firm raised FY13 non-GAAP EPS estimate to $1.29 and FY14 to $1.86.

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 $33.47 yesterday.

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