Needham & Company Assumes Cray (CRAY) at Buy

Needham & Company Assumes coverage on Cray (NASDAQ: CRAY) with a Buy rating and a price target of $37.00.

Analyst Richard Kugele comments, "We believe Cray is well-positioned to build on the momentum achieved in 2013 and early 2014. Key wins in recent months include (but are not limited to) the Department of Defense, NERSC and NNSA (Trinity) - $400M+ in value - provide tangible evidence of the share gain story underway. Looking forward, we expect Cray to continue to outpace industry growth driven by key wins across commercial and a resurgent Federal, potential share gains post the acquisition of IBM’s x86 server business by Lenovo, and emerging opportunities in big data & storage. Consequently, we are assuming coverage of CRAY with a Buy rating and 12-month PT of $37 based on roughly 1.75x EV/C15 Sales."

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 $29.01 yesterday.

You May Also Be Interested In

• BofA Securities Starts GE Vernova (GEV) at Neutral, 'Multiyear turnaround amid positive demand backdrop'
• DAM Capital Starts Apollo Tyres (APTY:IN) at Buy
• SL Green Realty (SLG) PT Lowered to $45 at Jefferies