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UPDATE: Wedbush Securities Initiates Cree at Buy on Gross Margin Outlook

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Cree Has 'More Challenges' Ahead, Says Needham

Wedbush Securities initiated coverage on Cree (NASDAQ: CREE) with an Outperform ratings and a $36 price target.

Wedbush Securities noted, "We see Cree as optimally positioned to benefit from broader growth in LED lighting fixtures, given the company's leadership in developing high-brightness LED components and vertical integration with fixtures production. Gross margins appear to have finally bottomed and 2Q13 is positioned to be Cree's fourth straight quarter of improving margins. The outlook for improving 2H13 profitability from the recently introduced C 3 chip platform and the potential for increasing fab utilization in FY14 rising on both internal and external demand growth suggest margins have good prospects for further expansion. We would be buyers at current levels."

Cree closed at $31.46 on Wednesday.

Latest Ratings for CREE

DateFirmActionFromTo
Apr 2015Deutsche BankMaintainsHold
Oct 2014Bank of AmericaUpgradesUnderperformNeutral
Oct 2014Bank of AmericaMaintainsUnderperform

View More Analyst Ratings for CREE
View the Latest Analyst Ratings

Posted-In: Wedbush SecuritiesAnalyst Color Initiation Pre-Market Outlook Analyst Ratings

 

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