Needham and Company on LED & Lighting Technology: Takeaways From Lightfair International 2012
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Rating Summary:
8 Buy, 4 Hold, 1 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 7 | Down: 5 | New: 25
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Needham and Company on LED & Lighting Technology: Takeaways From Lightfair International 2012
Analyst, Y. Edwin Mok, said, "At this week’s Lightfair tradeshow, we saw clear sign of LED penetration into general illumination, as most lighting companies are very focused on LEDs. For example, we estimate over 80% of both Philips’ (NYSE: PHG) and GE’s (NYSE: GE) (both Not/Rated) booths were dedicated to LED products and many lighting design companies are now only designing on LEDs. Last’s year sharp decline of LED component prices has enabled the prices of LED lighting fixtures to approach traditional lighting products, leading us to believe LED demand in lighting is accelerating. We believe demand growth in lighting will offset backlighting-related seasonal decline in late-3Q/4Q12, enabling continued LED demand growth and less pricing pressure in 2H12 and into 2013. Among LED names, we are incrementally more confident on CREE’s (Nasdaq: CREE) (Buy) margins and growth trajectory going into C2H12, and believe Cree is well positioned to leverage growing demand in general lighting.
Analyst, Y. Edwin Mok, said, "At this week’s Lightfair tradeshow, we saw clear sign of LED penetration into general illumination, as most lighting companies are very focused on LEDs. For example, we estimate over 80% of both Philips’ (NYSE: PHG) and GE’s (NYSE: GE) (both Not/Rated) booths were dedicated to LED products and many lighting design companies are now only designing on LEDs. Last’s year sharp decline of LED component prices has enabled the prices of LED lighting fixtures to approach traditional lighting products, leading us to believe LED demand in lighting is accelerating. We believe demand growth in lighting will offset backlighting-related seasonal decline in late-3Q/4Q12, enabling continued LED demand growth and less pricing pressure in 2H12 and into 2013. Among LED names, we are incrementally more confident on CREE’s (Nasdaq: CREE) (Buy) margins and growth trajectory going into C2H12, and believe Cree is well positioned to leverage growing demand in general lighting.
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