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UPDATE: Goldman Sachs Raises PT on Cree on LED Bulb Opportunity Interest

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In a report published Wednesday, Goldman Sachs analyst Brian Lee reiterated a Buy rating on Cree (NASDAQ: CREE), and raised the price target from $60.00 to $73.00.

In the report, Goldman Sachs noted, “Since launching in March, we believe Cree's consumer LED bulbs have experienced better-than-expected sales based on our channel checks at Home Depot, particularly for the 60W version. Additionally, feedback from investors suggests interest in Cree's LED bulb opportunity is high, though overall sentiment remains divided, in our view. With a US phase-out of 40W and 60W incandescent bulbs – the largest volume lighting category – starting in 2014, our sensitivity analysis suggests potential for medium-term sales and EPS upside for Cree and we raise our CY14-CY15 estimates.”

Cree closed on Tuesday at $64.20.

Latest Ratings for CREE

DateFirmActionFromTo
Aug 2015Piper JaffrayMaintainsNeutral
Apr 2015Deutsche BankMaintainsHold
Oct 2014Bank of AmericaUpgradesUnderperformNeutral

View More Analyst Ratings for CREE
View the Latest Analyst Ratings

Posted-In: Brian Lee Goldman SachsAnalyst Color Price Target Analyst Ratings

 

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