Needham & Company Maintains a 'Buy' on Cree (CREE); F2Q12 (Dec) Missed on Lower Margins, but Business Appears to be Bottoming
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Price: $79.12 --0%
Rating Summary:
9 Buy, 22 Hold, 8 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 12 | Down: 23 | New: 20
Rating Summary:
9 Buy, 22 Hold, 8 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 12 | Down: 23 | New: 20
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Needham & Company maintains a 'Buy' on Cree (NASDAQ: CREE) price target cut $1 to $27.
Needham analyst says, "CREE reported disappointing F2Q12 (Dec) results and provided weaker than expected F3Q12 (Mar) guidance. While business is impacted by near-term weakness of the LED sector, organic growth of its lighting business confirmed our long-term positive view on its strengthening position in general lighting. With the stock trading at slightly above its book value, we believe buy-side expectations are low and investors should buy ahead of growing adoption of LED for general lighting applications."
"We cut our FY12 EPS from $1.25 to $0.99 and our FY13 from $1.93 to $1.27."
For an analyst ratings summary and ratings history on Cree click here. For more ratings news on Cree click here.
Shares of Cree closed at $23.33 yesterday.
Needham analyst says, "CREE reported disappointing F2Q12 (Dec) results and provided weaker than expected F3Q12 (Mar) guidance. While business is impacted by near-term weakness of the LED sector, organic growth of its lighting business confirmed our long-term positive view on its strengthening position in general lighting. With the stock trading at slightly above its book value, we believe buy-side expectations are low and investors should buy ahead of growing adoption of LED for general lighting applications."
"We cut our FY12 EPS from $1.25 to $0.99 and our FY13 from $1.93 to $1.27."
For an analyst ratings summary and ratings history on Cree click here. For more ratings news on Cree click here.
Shares of Cree closed at $23.33 yesterday.
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