Cree Announces LED Business Restructuring, $500 Million Stock Buyback Authorization and Fiscal Year 2016 Annual Operating Plan
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Cree (CREE) Announces Restructuring of LED; Canaccord Genuity Cuts Price Target to $28
June 25, 2015 9:21 AM EDTCanaccord Genuity maintains a Hold rating on Cree (NASDAQ: CREE), and cut the price target to $28.00 (from $31.00), after CREE announced LED restructuring. Analyst Jed Dorsheimer believes that this restructuring may mark a bottom in CREE's stock.
Dorsheimer commented, "Cree's LED restructuring represents the... More
Cree (CREE) Continues to see LED Pricing Pressure; UBS Cuts Price Target to $30.50
June 25, 2015 9:00 AM EDTUBS reiterates a Neutral rating on Cree (NASDAQ: CREE), and cut the price target to $30.50 (from $35.00), as LED chip business continues to see pressure. Cree reported that its Jun-15 quarter sales would be $375M, which is 13% lower than its original guidance. Analyst Stephen Chin believes that LED chip weakness was from lower... More
Cowen Cuts Price Target on Cree (CREE) Following Announced LED Restructure
June 25, 2015 7:50 AM EDTCowen reiterates a Market Perform rating on Cree (NASDAQ: CREE), and cut the price target to $25.00 (from $27.50), after CREE announced that it is restructuring its LED product business. The board also approved a $500mn stock buyback for 2016.
Analyst Jeffrey Osborne commented, "CREE... More
Oppenheimer Maintains Perform Rating Following Announcements made by Cree (CREE)
June 25, 2015 7:12 AM EDTOppenheimer reiterates a Perform rating on Cree (NASDAQ: CREE) following several announcements. CREE announced lower than expected FY16 guidance and a new $500M share buyback plan. CREE also blamed an industry-wide worse-than-expected LED pricing pressure for struggles.
Analyst Andrew Uerkwitz commented, "Today, June 24th, CREE announced... More
