Needham & Company Upgrades Cree (CREE) to Buy
- Rock-Tenn (RKT), MeadWestvaco (MWV) Enter $16B Merger Agreement
- Energy Transfer (ETP), Regency Energy (RGP) Enter $18B Merger Agreement
- Pre-Open Stock Movers 01/26: (OCN) (OLED) (RGP) (MWV) Higher; (MAT) (STX) (PRE) (Lower (more...)
- FXCM, Inc. (FXCM) Issues Update on Month-to-Date Retail Trading Volume, Deal with Leucadia (LUK)
- Ocwen Financial (OCN) Surges Following Settlement with California
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.
Serious News for Serious Traders! Try StreetInsider.com Premium Free!
You May Also Be Interested In
- Apple (AAPL) Upcoming Results All About Guidance and Company Could Deliver Big - Piper Jaffray
- BofA/Merrill Lynch Reinstates Dollar General (DG) at Underperform
- Credit Suisse Downgrades UPS (UPS) to Neutral
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!