Lazard Capital Comments on Cree

Lazard Capital Markets provided color on Cree's CREE acquisition of Ruud Lighting in a research report published today. Lazard Capital Markets has previously given Cree a Buy rating and $50 price target. In the report, Lazard Capital Markets states, "We view the acquisition as a long-term positive as Ruud gives Cree more exposure in general lighting. The BetaLED outdoor LED line complements Cree's existing indoor solutions and gives the company the opportunity to cross-sell and leverage R&D and sales efforts." Shares of Cree were trading at $32.04 at the time of posting, down 7.77% from Wednesday's market close.