Maxim Group Initiates LED Industry Coverage: Cree, Aixtron SE, Veeco Instruments

Maxim Group initiated coverage on the LED industry with a Buy rating and $45 price target on Cree

and Sell ratings for both Aixtron SE

and Veeco Instruments

. In the report, Maxim Group highlighted Cree, stating that "Perfectly positioned to ride the coattails of the burgeoning non-residential general lighting market just as the cost benefits of 150mm kick in, we believe CREE's margins and stock have bottomed ahead of a likely three-year period of strong earnings growth."