Cree (CREE) Numbers Cut at Northland Capital Markets Post Q3

Northland Capital Markets analyst Colin Rusch lowered his price target on Market Perform-rated Cree (NASDAQ: CREE) from $59 to $57 following Q3 results.

Rusch commented, "We remain on the sidelines with CREE shares as it appears operating leverage will be limited until CY15. Our PT moves to $57 (from $59) as we lower EPS estimates to account for lower operating leverage. Our PT is based on 20x CY15 pro forma EPS of $2.26 (from $2.33) plus our expectation for $12 in cash/share."

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 $58.05 yesterday.

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