Needham & Company Upgrades Cree (CREE) to Buy
- Top 10 News for 9/15 - 9/19: Markets Welcome Alibaba IPO; New iPhone Sets Records; Fed Remains Accommodative
- Alibaba (BABA) IPO Lights Up Wall Street
- Stock Futures Higher as Scotland Votes Down Independence, Alibaba's (BABA) IPO Prices
- Telefónica S.A. (TEF), Vivendi (VIVHY) Agree to $9.3B Deal for Global Village Telecom
- Are Yahoo! (YHOO) Investors Ready to 'Sell the News'? Analyst Weighs In
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.
You May Also Be Interested In
- UPDATE: KeyBanc Upgrades VF Corp. (VFC) to Buy
- FBR Capital Upgrades National CineMedia (NCMI) to Outperform
- Wedbush Assumes Prothena Corp (PRTA) at Outperform
Create E-mail Alert Related CategoriesAnalyst Comments, Analyst EPS Change, Hot Upgrades, Upgrades
Related EntitiesNeedham & Company, Earnings
Sign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!