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Wedbush Reiterates Outperform on Cree on Expected Strong 1Q14 Results

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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

DateFirmActionFromTo
May 2016Pacific CrestInitiates Coverage onSector Perform
Apr 2016Cowen & CompanyMaintainsMarket Perform
Feb 2016Piper JaffrayUpgradesNeutralOverweight

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Posted-In: Craig Irwin WedbushAnalyst Color Reiteration Analyst Ratings

 

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