Sterne Agee Raises PT On Cree, Inc.

Sterne Agee has published a research report on Cree, Inc. CREE after the company reported revenues below consensus for its December quarter. In the report, Sterne Agee writes "Cree reported December quarter revenue of $257 million below consensus of $276 million as a result of weaker than expected XLamp demand through distribution, which decreased 30% Q/Q. Weaker demand was attributed to China street lighting and LED bulbs. March quarter revenue guidance of $245-$265 million was also below consensus of $288 million as a result of continuing weakness in distribution, which is now almost 2/3 of total sales." Sterne Agee maintains its Buy rating and has raised the price target to $87. Cree, Inc. closed yesterday at $62.71.