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UPDATE: Deutsche Bank Downgrades Cree to Hold; Margin Upside Priced In

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Pacific Crest Favors Veeco Over Cree In LED Sector
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Deutsche Bank reduced its rating on Cree (NASDAQ: CREE) from Buy to Hold with a reiterated $33 price target.

Deutsche Bank noted, "While we continue to see positive momentum in the LED lighting market, we believe shares are already discounting strong growth and margin improvement given the 50% ytd increase vs 11% increase for S&P. With shares trading near high end of historical valuation range/premium to peers we believe risk-reward is now balanced especially considering limited near term positive demand catalysts over a seasonally weak Mar Q timeframe."

Cree closed at $33.56 on Wednesday.

Latest Ratings for CREE

DateFirmActionFromTo
May 2016Pacific CrestInitiates Coverage onSector Perform
Apr 2016Cowen & CompanyMaintainsMarket Perform
Feb 2016Piper JaffrayUpgradesNeutralOverweight

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Posted-In: Deutsche BankAnalyst Color Downgrades Intraday Update Analyst Ratings

 

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