Gabelli Upgrades Cree (CREE) to Buy; Cites Valuation & Expectation of Steady Improvement
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Price: $59.08 -2.64%
Rating Summary:
14 Buy, 17 Hold, 3 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 11 | Down: 18 | New: 13
Rating Summary:
14 Buy, 17 Hold, 3 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 11 | Down: 18 | New: 13
Trade CREE Now!
Gabelli upgraded Cree (NASDAQ: CREE) from Hold to Buy.
Gabelli analyst said, "Changing our recommendation from based on valuation & expectation of steady improvement in top line growth...We believe our FY12 & FY13 estimates, EPS of $1.00 and $1.25, are conservative & well below consensus of $1.41 & 1.94. We expect consensus to go lower to fully reflect product mix shift toward LED lighting (lower gross margin), weak market environment, & cautious outlook based on current global macroeconomic situation. Yet, we believe CREE should hold up because of valuation & see attractive risk reward profile."
For more ratings news on Cree click here and for the rating history of Cree click here.
Shares of Cree closed at $27.78 yesterday, with a 52 week range of $23.03-$72.47.
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Gabelli analyst said, "Changing our recommendation from based on valuation & expectation of steady improvement in top line growth...We believe our FY12 & FY13 estimates, EPS of $1.00 and $1.25, are conservative & well below consensus of $1.41 & 1.94. We expect consensus to go lower to fully reflect product mix shift toward LED lighting (lower gross margin), weak market environment, & cautious outlook based on current global macroeconomic situation. Yet, we believe CREE should hold up because of valuation & see attractive risk reward profile."
For more ratings news on Cree click here and for the rating history of Cree click here.
Shares of Cree closed at $27.78 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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