Needham & Company Raises Estimates and PT on Cray (CRAY); Q1 Highlights

Needham & Company maintains a 'Buy' on Cray (NASDAQ: CRAY) price target raised from $9.50 to $12.

Analyst, Glenn Hanus, said, "1Q highlights: Completed acceptance on the ~$60M XK6 upgrade (“Jaguar”) at Oak Ridge; awarded largest commercial win in Cray’s history with large supercomputer and Sonexian storage subsystem; launched the uRiKa graph appliance for Big Data relationship analytics; midrange upgrade
to XE6m at University of Bergen (Norway); and appointment of new CTO William Blake."

Needham raises FY12 EPS estimate from $0.44 to $0.62 and revs from $410 mln to $440.3 mln.

For an analyst ratings summary and ratings history on Cray click here. For more ratings news on Cray click here.

Shares of Cray closed at $8.90 yesterday.

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