Cree (CREE) Announces Restructuring of LED; Canaccord Genuity Cuts Price Target to $28
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Cree Announces LED Business Restructuring, $500 Million Stock Buyback Authorization and Fiscal Year 2016 Annual Operating Plan
June 24, 2015 4:01 PM EDTDURHAM, N.C.--(BUSINESS WIRE)-- Cree, Inc. (Nasdaq: CREE), a market leader in LED lighting, today announced that the board of directors has approved the following:
A restructuring of the LED Products business A $500 million stock buyback authorization for fiscal year 2016 The fiscal year 2016 annual operating plan that targets: Revenue to increase to $1.8 billion +/- Non-GAAP operating margin increasing to approximately 8% Free cash flow of approximately $75... More