GARP Research Upgrades Cree (CREE) to Buy; Sentiment is too Bearish; Gross Margin Bottoming
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Price: $60.38 +1.21%
Rating Summary:
13 Buy, 18 Hold, 3 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 13 | Down: 24 | New: 24
Rating Summary:
13 Buy, 18 Hold, 3 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 13 | Down: 24 | New: 24
Trade CREE Now!
GARP Research upgraded Cree (NASDAQ: CREE) from Neutral to Buy with a price target of $25.00.
GARP analyst says, "We believe sentiment is too bearish and ignores the solid performance in Cree’s LED lighting category. In our view, gross margin may have bottomed and the erosion in the chip business has run its course. Shares trade at under 8x our FY2014, ex. $5/share cash. We feel this is cheap for an industry leader in an underpenetrated market which could triple over the next four years."
For more ratings news on Cree click here and for the rating history of Cree click here.
Shares of Cree closed at $24.31 yesterday, with a 52 week range of $23.03-$72.47.
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GARP analyst says, "We believe sentiment is too bearish and ignores the solid performance in Cree’s LED lighting category. In our view, gross margin may have bottomed and the erosion in the chip business has run its course. Shares trade at under 8x our FY2014, ex. $5/share cash. We feel this is cheap for an industry leader in an underpenetrated market which could triple over the next four years."
For more ratings news on Cree click here and for the rating history of Cree click here.
Shares of Cree closed at $24.31 yesterday, with a 52 week range of $23.03-$72.47.
Join StreetInsider.com FREE and get immediately alerted when news breaks on your stocks and other market items - JOIN NOW
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