Barclays Maintains an 'Equalweight' on Cree (CREE); Raising Estimates

Barclays maintains an 'Equalweight' on Cree (NASDAQ: CREE) price target of $27.00.

Analyst, Amir Rozwadowski, said, "After ~5 quarters of gross margin misses vs. guidance, Cree could finally meet its Mar Q gross margin guide of 34-35% (we model 34.2%) and guide to slight growth in June Q (we model 34.6%) on slightly higher utilizations...We tweak our Mar Q estimates to $302M/$0.20 (Street $301M/$0.21), June Q to $306M/$0.24 (Street $324M/$0.28), and CY12 to $1.32B/$1.15 (Street $1.33B/$1.18)."

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 $31.55 yesterday.

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