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.
Market News and Data brought to you by Benzinga APIs
Comments
Loading...
Posted In: Analyst ColorPrice TargetAnalyst RatingsCreeInformation TechnologySemiconductorsSterne Agee & Leach
Benzinga simplifies the market for smarter investing

Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.

Join Now: Free!