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UPDATE: Stifel Nicolaus Raises PT on Cree on Continued Strong LED Trends

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In a report published Monday, Stifel Nicolaus analyst Jeffrey Osborne reiterated a Buy rating on Cree (NASDAQ: CREE), and raised the price target from $59.00 to $70.00.

In the report, Stifel Nicolaus noted, “We continue to see strong LED market adoption. We are adjusting our estimates up slightly and increasing our target price from $59 to $70 on shares of Cree as we see a sustainable trend in commercial and outdoor LED adoption and a burgeoning trend in consumer. Based on our channel checks and discussions with industry participants, we believe the company will be on the high end or above its guidance range for F4Q13 and we are increasing our estimates as a result. We remain upbeat about the pace of adoption of LEDs for general lighting and continue to believe that Cree is the primary pure play opportunity to invest in this trend.”

Cree closed on Friday at $62.84.

Latest Ratings for CREE

DateFirmActionFromTo
Oct 2014Bank of AmericaUpgradesUnderperformNeutral
Oct 2014Bank of AmericaMaintainsUnderperform
Oct 2014Canaccord GenuityDowngradesBuyHold

View More Analyst Ratings for CREE
View the Latest Analyst Ratings

Posted-In: Jeffrey Osborne Stifel NicolausAnalyst Color Price Target Analyst Ratings

 

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