Needham & Company Upgrades Cree (CREE) to Buy
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Needham & Company upgraded Cree (NASDAQ: CREE) from Hold to Buy with a price target of $64.00.
Analyst Y. Edwin Mok states, "Based on strengthened demand for LED lighting, we believe CREE will deliver strong revenue and earnings growth in the coming quarters. In the near term, we expect strong guidance for the June quarter to push the stock price higher. Longer term, we believe LED lighting is entering a phase of rapid adoption in multiple markets worldwide, and in our view CREE remains the best idea for investors to leverage this trend. With the recent pullback of share price, we believe risk/reward is favorable, and we recommend investors buy the stock ahead of next week's earnings report."
The firm raised FY14 (Jun) NG EPS to $1.69 and 2015E to $2.10.
Shares of Cree closed at $55.51 yesterday.
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