Needham & Company Maintains a 'Buy' on Cree (CREE); Street Estimates Look Too Aggressive
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Price: $79.12 --0%
Rating Summary:
9 Buy, 22 Hold, 8 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 13 | Down: 14 | New: 11
Rating Summary:
9 Buy, 22 Hold, 8 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 13 | Down: 14 | New: 11
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Needham & Company maintains a 'Buy' on Cree (NASDAQ: CREE) price target of $28.00 (from $35.00).
Analyst, Y. Edwin Mok, said, "Going into Cree’s F4Q12 (Jun) report in early August, we expect results to largely match Street’s estimate based on strong demand in the quarter. However, we are cutting our forward estimate based on a more conservative view on LED lighting adoption and our anticipation for weaker pricing. Longer-term, we remain positive for Cree as we continue to believe it is well-positioned in LED adoption in general lighting. We believe that with one of the best LED technologies in the industry and the highest exposure to LED lighting, Cree should continue to grow but at a slower pace than what our prior model shows."
FY13 EPS estimate cut from $1.32 to $1.12. FY13 revs cut from $1.39B to $1.30B. FY14 EPS estimate cut from $2.22 to $1.70, FY14 revenues cut from $1.68B to $1.50B.
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 $23.84 yesterday.
Analyst, Y. Edwin Mok, said, "Going into Cree’s F4Q12 (Jun) report in early August, we expect results to largely match Street’s estimate based on strong demand in the quarter. However, we are cutting our forward estimate based on a more conservative view on LED lighting adoption and our anticipation for weaker pricing. Longer-term, we remain positive for Cree as we continue to believe it is well-positioned in LED adoption in general lighting. We believe that with one of the best LED technologies in the industry and the highest exposure to LED lighting, Cree should continue to grow but at a slower pace than what our prior model shows."
FY13 EPS estimate cut from $1.32 to $1.12. FY13 revs cut from $1.39B to $1.30B. FY14 EPS estimate cut from $2.22 to $1.70, FY14 revenues cut from $1.68B to $1.50B.
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 $23.84 yesterday.
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