Needham & Company Maintains Buy on Cree (CREE), Lifts Price Target
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Price: $59.08 -2.64%
Rating Summary:
14 Buy, 17 Hold, 3 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 11 | Down: 18 | New: 13
Rating Summary:
14 Buy, 17 Hold, 3 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 11 | Down: 18 | New: 13
Trade CREE Now!
Needham & Company maintained their Buy rating on Cree (NASDAQ: CREE) and raised the price target to $30.00 (from $28.00).
"We are particularly encouraged by the strong rebound in the lighting business, highlighting the benefit of Cree’s vertical integration strategy," said Y. Edwin Mok.
"Overall, it was a good [F4Q] report with all three lines of business growing and margins improving. Longer-term, we continue to believe CREE is well-positioned to benefit from growing adoption of LED lighting, especially in high-end applications such as street lights and commercial lighting," added Mok.
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 $26.34 yesterday, with a 52 week range of $20.25-$37.30.
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"We are particularly encouraged by the strong rebound in the lighting business, highlighting the benefit of Cree’s vertical integration strategy," said Y. Edwin Mok.
"Overall, it was a good [F4Q] report with all three lines of business growing and margins improving. Longer-term, we continue to believe CREE is well-positioned to benefit from growing adoption of LED lighting, especially in high-end applications such as street lights and commercial lighting," added Mok.
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 $26.34 yesterday, with a 52 week range of $20.25-$37.30.
Join StreetInsider.com FREE and get immediately alerted when news breaks on your stocks and other market items - JOIN NOW
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