Morgan Joseph Upgrades Cree, Inc (CREE) to Buy; Significantly Raises Estimates
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Morgan Joseph upgrades Cree, Inc (Nasdaq: CREE) to Buy. Price target $55.
Morgan analyst says, "Given a number of factors, we are significantly increasing our CY2009 revenue and non-GAAP EPS estimates to $635mm and $0.90, respectively, from $607mm and $0.72. For CY2010, we are increasing our assumptions to $817mm and $1.20, from $705mm and $0.81, respectively. We are also introducing CY2011 revenue and non-GAAP estimates of $985mm and $1.50. We believe Cree's business has reached an inflection point, given planned capital expenditures and what we believe is greater adoption of LED lighting...Our new CY2011 EPS estimate of $1.50, excluding $9.36 in cash per share."
To see more analyst ratings on CREE Click Here.
Cree, Inc. develops and manufactures light emitting diode (LED) products, silicon carbide (SiC) and gallium nitride (GaN) material products, and power and radio frequency (RF) products.
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