Cantor Fitzgerald Starts Cree (CREE) at Buy
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Cantor Fitzgerald initiates coverage on Cree (Nasdaq: CREE) with a Buy rating and $30 price target.
As Cree is a leader in developing efficient LED's and solid state lighting, the firm believes it will benefit from a "worldwide awareness of energy consumption" and a changing perspective on how "consumers view lighting."
Over the last fiscal year, Cantor estimates that Cree has seen 140%+ growth in its SSL segment, implying this part of its business now makes up about 23% of the company's quarterly revenues. The firm said, "As the company does not specifically break out the SSL revenues, we believe that the shares do not currently reflect the growth prospects in SSL."
Cantor's $30 price target is based on 30x the firm's CY10 EPS estimate of $1.00. Even with shares of Cree up more than 16% today, Cantor's target still represents a potential gain of more than 34% from current levels.
Cree, Inc. develops and manufactures semiconductor materials and devices primarily based on silicon carbide (SiC), gallium nitride (GaN), and related compounds.
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