AmTech Reiterates Focus List Buy on Cree (CREE)

May 13, 2008 12:03 PM EDT

American Research Technology reiterates its Focus List Buy rating and $50 price target on Cree (Nasdaq: CREE).

The firm said, "With high brightness LED adoption still in its infancy, burgeoning legislation on the verge of banning incandescents, increasing public awareness of "green" technologies, and Cree's superior technology advantage, we aggressively urge investors to accumulate the stock for a multi-year secular trend and reiterate our Focus List Buy Rating."

AmTech expects Cree to report an in-line June quarter and also notes that it believes the company will release a new product: "a smaller sized version of its XLamp" which could expand its market opportunities for general lighting and automotive, to name a few.

AmTech says that Cree's next potential catalyst could come from Lightfair, a lighting industry conference that takes place in late May.

The firm's $50 target represents a double in the stock from today's price of about $24.60.

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

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