Wedbush Reiterates Outperform on Cree on Expected Strong 1Q14 Results
In a report published Friday, Wedbush analyst Craig Irwin reiterated an Outperform rating and $83.00 price target on Cree (NASDAQ: CREE).
In the report, Wedbush noted, “We expect margin gains in Cree's LED A-lamps and growth in the LED Lighting Fixtures market to drive strong 1Q14 results. We are forecasting 1Q14 rev/adj. EPS of $395m/$0.40 versus consensus of $392.3m and $0.39. We are forecasting 1Q14 margins of 39.1%, modestly above the consensus of 38.9%. Our checks suggests market level LED lighting fixtures growth rates remain above 120%, so the 34% Y/Y Lighting Products growth we forecast should be achievable.”
Cree closed on Thursday at $72.82.
Latest Ratings for CREE
|Aug 2015||Piper Jaffray||Maintains||Neutral|
|Apr 2015||Deutsche Bank||Maintains||Hold|
|Oct 2014||Bank of America||Upgrades||Underperform||Neutral|
© 2015 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.