Piper Jaffray Says Analyst Compared Cree (CREE) to Wrong Solar Firm

Following an earlier report in which Wunderlich's Theodore O'Neill compared Cree (Nasdaq: CREE) to both First Solar (Nasdaq: FSLR) and the hit film adaption starring Susan Sarandon and Sean Penn "Dead Man Walking," Piper Jaffray has blown the whistle on its peer.

Piper analyst Ahmar Zaman said the comparison of Cree to First Solar on the basis of raw materials costs isn't an "apples to apples" evaluation. He noted a better comparison for Cree would be to SunPower Corp. (Nasdaq: SPWR), which has been just about as sunny as a black hole over the last year. (Hint: the stock has been flat.)

Piper is keeping Cree at Overweight, and First Solar at Neutral. Shares of Cree are down 5.8 percent this afternoon, while SunPower shares are off 1.1 percent.

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