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UPDATE: Deutsche Bank Raises PT on Cree on New Key Product; Revised Outlook

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In a report published Tuesday, Deutsche Bank maintained its Hold rating on Cree (NASDAQ: CREE) and increases price target from $36 to $41.

Deutsche Bank reported that, “We think this is a very strong growth opportunity for CREE. In 2012, US consumers purchased over 4 billion lightbulbs (of which a majority were 40 or 60-watts). We believe this represents over a $14 billion revenue opportunity (assuming 50% price to the company from retail prices and 60% penetration) as the company expects to initially focus on the N. American market before expanding globally. We should expect to see higher revenue contribution in 2014; as of Jan 2014, the new phaseout of incandescent bulbs will apply to 60 and 40 watt bulbs as well."

Cree's shares closed at about $44.72 on Monday.

Latest Ratings for CREE

May 2017JMP SecuritiesUpgradesMarket PerformMarket Outperform
Apr 2017JP MorganUpgradesNeutralOverweight
Feb 2017JMP SecuritiesDowngradesMarket OutperformMarket Perform

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Posted-In: Deutsche BankAnalyst Color Price Target Analyst Ratings


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