Research Analysts’ Weekly Ratings Changes for Cree (CREE)
Cree (NASDAQ: CREE) was the recipient of a ratings changes during the seven days:
- Cree had its “neutral” rating reaffirmed by analysts at UBS AG. They now have a $28.00 price target on the stock.
- Cree had its price target lowered by analysts at Susquehanna from $40.00 to $36.00. They now have a “positive” rating on the stock.
- Cree had its price target lowered by analysts at Cantor Fitzgerald from $46.00 to $42.00. They now have a “buy” rating on the stock. They wrote, “We are expecting another strong quarter in Lighting Products, with revenues up 20% sequentially. We are expecting LED revenues to be flattish. We expect that Lighting Products will continue to show strong results primarily from strength of streetlight programs in the U.S. Our checks in Europe show weaker demand than we expected. Our checks in Asia are showing mixed results. We believe that investors will be particularly focused on margins, and we are expecting that gross margins in the quarter will be 37%, marking three consecutive quarters of improvement after taking six quarters to bottom. We believe the company will be in a position to guide to sequential growth of 5-7% for the December quarter, with strength again from Lighting Products.”
- Cree had its price target raised by analysts at Needham & Company from $30.00 to $32.00.
- Cree had its “buy” rating reaffirmed by analysts at Maxim Group. They now have a $38.00 price target on the stock. They wrote, “With a better-than-expected rebound in gross margin driving FY1Q13 upside and guidance for ~5% Q/Q revenue growth and margin gains in FY2Q13, we expect CREE to ride a wave of earnings growth in FY13. While we lower our FY13-14 estimates on opex/taxes, we believe this is overshadowed by (a) record revenue, (b) gross margins up 2% and set to grow 1% in FY2Q13, and (c) FY13 EPS growth of 67%. At a P/E of 16x our FY14 estimate x-$7/share in cash and a 6.5% free cash flow yield, we maintain our Buy rating and $38 PT.”
Cree, Inc. traded up 0.21% on Thursday, hitting $28.98. Cree, Inc. has a 1-year low of $20.25 and a 1-year high of $33.45. The company has a market cap of $3.360 billion and a price-to-earnings ratio of 70.02.
Cree, Inc. (Cree) develops and manufactures semiconductor materials and devices primarily based on silicon carbide (SiC), gallium nitride (GaN) and related compounds.