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