Roth Capital Would be Buyers of Cree (CREE) on Turnaround; Affirms at 'Buy'
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Roth Capital affirms Cree, Inc., (Nasdaq: CREE) with a Buy rating and $34 price target following Q1 results and outlook issued Tuesday night.
The firm commented,
Cree posted modest F1Q17 (Sept.) upside, delivering revenue and adj-EPS $1.3m and $0.01, above our respective estimates. The midpoint guide was below our model on expectations for a mild ramp in commercial sales. We believe the Lighting Products segment is poised for strong positive gains as the Gen3/Gen4 bulb reset appears nearly complete, and management reported a strong inflection in quoting activity. We would be buyers for a turnaround, where the key actions have already been taken, in our view.
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