Needham & Company Upgrades Cray (CRAY) to Buy
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Needham & Company upgraded Cray (NASDAQ: CRAY) from Hold to Buy with a price target of $25.00.
Richard Kugele commented, "Downward estimate revisions have been as steady as the Seattle rain in winter driven by the decline in oil disrupting sector spending on HPC, delays in receiving and the successfully integrating Knights Landing and Pascal processors, and even a facility fire. However, we believe we are finally nearing the end of the majority of the revisions with nearly all needed wins for 2016 secured and 5 key remaining systems out at customers awaiting final fix of some lingering issues and signoff. Delays at this point push the revenue into 1Q (not share loss), which we believe is already baked into the extremely negative sentiment. We encourage investors to take advantage of this third sequential downdraft in outlook to own one of the leaders in HPC at a material discount. Upgrading to Buy from Hold."
Shares of Cray closed at $20.25 yesterday.
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