Earnings Preview: CREE (CREE)

Cree CREE is set to report fourth quarter earnings tonight after the bell. Wall Street expects revenues of $276 million with earnings per share for the fourth quarter to come in at 58 cents per share. This morning Piper Jaffray raised its price target to $85 from $65 on the anticipation of a strong quarter from CREE. Cree, Inc. develops and manufactures light emitting diode (LED) products, silicon carbide (SiC) and gallium nitride (GaN) material products, and power and radio frequency (RF) products. At last check, shares of CREE were off 99 cents to $62.78, a loss of 1.5%.