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UPDATE: D.A. Davidson Downgrades Cree on Near-Term Risks, Good Market Position

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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

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: Avinash Kant D.A. DavidsonAnalyst Color Downgrades Analyst Ratings

 

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