UPDATE: Maxim Group Downgrades Cree to Hold on Limited Upside Potential
Maxim Group downgraded Cree (NASDAQ: CREE) from Buy to Hold and removed the price target of $40.00.
Maxim Group commented, "Driven less by fundamentals than valuation, we downgrade CREE to Hold, from Buy, as we believe the stock's sudden surge YTD now reflects the bulk of the potential upside we foresee in CY13. With the stock having risen over 98% since our December 14, 2011 initiation (vs. the S&P 500 +22%), we find it fully valued even as risks grow that margins and multiple soon plateau amidst CREE's strategic transition to downstream LED lighting end markets."
Cree closed at $43.75 on Monday.
Latest Ratings for CREE
|Jul 2016||Deutsche Bank||Maintains||Hold|
|May 2016||Pacific Crest||Initiates Coverage on||Sector Perform|
|Apr 2016||Cowen & Company||Maintains||Market Perform|
© 2016 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.