Cree (CREE) Announces Restructuring of LED; Canaccord Genuity Cuts Price Target to $28
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Rating Summary:
9 Buy, 22 Hold, 8 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 13 | Down: 11 | New: 11
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Canaccord Genuity maintains a Hold rating on Cree (NASDAQ: CREE), and cut the price target to $28.00 (from $31.00), after CREE announced LED restructuring. Analyst Jed Dorsheimer believes that this restructuring may mark a bottom in CREE's stock.
Dorsheimer commented, "Cree's LED restructuring represents the difficulties of vertical integration during a down cycle. This time, ASPs are to blame. While we believe that this restructuring may mark a bottom in CREE's stock, limited visibility and no clear signs of component stabilization keep us on the sidelines. While CREE's Lighting &RF/Power Businesses may provide some support in the near term, we are hopeful this triage may stop the bleeding that components and consumer bulbs have caused. We maintain our HOLD rating and lower our price target to $28."
For an analyst ratings summary and ratings history on Cree click here. For more ratings news on Cree click here.
Shares of Cree closed at $30.56 yesterday.
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