UPDATE: Goldman Sachs Raises PT to $44 on Cree on New Products, Guidance Raise

Goldman Sachs maintained Cree

with a Buy rating and raised the price target from $46.00 to $48.00. Goldman Sachs noted, "Before market open, Cree announced three new Cree-branded LED light bulbs for the retail channel offered through its exclusive launch partner, Home Depot. The company will sell 40-watt and 60-watt replacements for $9.97/ $12.97 per bulb, and a 60-watt day light for $13.97, with a full rollout across all HD stores likely in the next 1-2 weeks. We view the price points as very competitive, especially considering an industry-leading 10-year warranty and technology featuring Cree's high-power LEDs. Also, Cree raised its F3Q13 revenue/EPS guidance slightly to $335-$350mn and $0.31-$0.36 (vs. $325-$340mn/$0.30-$0.35 prior) owing largely to a quarterend contribution from these new retail products." Cree closed at $44.72 on Monday.