UBS Downgrades Cree, Inc. (CREE) to Neutral; Near-term Concerns

August 12, 2010 10:44 AM EDT
Get Alerts CREE Hot Sheet
Price: $27.66 +0.77%

Rating Summary:
    12 Buy, 23 Hold, 5 Sell

Rating Trend: Down Down

Today's Overall Ratings:
    Up: 11 | Down: 20 | New: 54
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UBS downgrades Cree, Inc. (Nasdaq: CREE) from Buy to Neutral. PT slashed from $83 to $64.

UBS analyst's highlighted points include: 1) Near term concern from demand air-pocket in consumer electronics LEDs; 2) But general lighting LED opportunity still showing signs of strong growth; and 3) Lowering estimates to account for less spot market sales of LED chips (FY11 and FY12 EPS estimates are $2.41 and $3.32 versus $2.50 and $3.49, previously)."

To see all the upgrades/downgrades on shares of CREE, visit our Analyst Ratings page.

Cree, Inc. develops and manufactures semiconductor materials and devices based on silicon carbide (SiC), gallium nitride (GaN) and related compounds.

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