Needham & Company Maintains a 'Buy' on Cree (CREE); A Miss, But Things Getting Better; Buy on Weakness

Needham & Company maintains a 'Buy' on Cree (NASDAQ: CREE) price target raised from $32 to $35.

Analyst, Y. Edwin Mok, said, "CREE reported F3Q12 (Mar) results and provided guidance below consensus, but we believe the sequential improvement suggests business troughed in the March quarter. While the stock sold off in after-hours trading, we see no need to change our longer-term outlook as we continue to believe: 1) CREE is well positioned to benefit from growing adoption of LED in general lighting; 2) its strong line of new products will drive growth; 3) improved operations should drive margins recovery. As a result, we would recommend investors use the near-term weakness as a buying opportunity." (FY12 EPS cut from $0.99 to $0.94)

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 $31.90 yesterday.

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