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
|Dec 2016||JMP Securities||Initiates Coverage On||Market Outperform|
|Oct 2016||Stephens & Co.||Downgrades||Overweight||Equal-Weight|
|Sep 2016||Williams Capital||Initiates Coverage on||Buy|
© 2016 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.