UPDATE: D.A. Davidson Downgrades Cree on Near-Term Risks, Good Market Position
In a report published Wednesday, D.A. Davidson analyst Avinash Kant downgraded Cree (NASDAQ: CREE) from Buy to Neutral, and lowered the price target from $79.00 to $65.00.
In the report, D.A. Davidson noted, “Although CREE is well positioned as a leading player in the growing LED general lighting market over the next 3-5 years, in the near term, we are concerned that slower than expected margin expansion and revenue growth leaves very little room for upward earnings revisions. We arrive at our $65 price target (down from $79) by applying a 20x multiple to our FY15 EPS estimate of $2.81 and adding $8.46 in net cash per share. We are downgrading the shares from Buy to NEUTRAL.”
Cree closed on Tuesday at $75.76.
Latest Ratings for CREE
|May 2016||Pacific Crest||Initiates Coverage on||Sector Perform|
|Apr 2016||Cowen & Company||Maintains||Market Perform|
|Feb 2016||Piper Jaffray||Upgrades||Neutral||Overweight|
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