Morgan Stanley provided color on Cree CREE. In a research report published today, Morgan Stanley commented on the company's Q2 results.
In the report, Morgan Stanley states, “Cree is scheduled to report F2011 results Tuesday
August 9th. The stock is down 50% YTD and a lot of
bad news is already reflected, but we don't have
conviction that margins have stabilized. FY12
consensus estimates are also down nearly 50% after
four consecutive disappointing quarters but we believe
they have further to fall. Our FY12e non-GAAP EPS
estimate of $1.27 is 17% below consensus on lower
gross margins.”
At the moment, the rating agency has an Underweight rating and a price target of $28 placed on the company's stock. On Monday, CREE lost 2.90% of its value to finish the day at $32.85.
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