Morgan Keegan is out with a research report on Cree, Inc. CREE and is lowering its price target to $49 from $53, and it has an Outperform rating on shares.
In a note to clients, Morgan Keegan writes, "CREE reported results of $0.28/$243 million vs. Street expectations of $0.27/$233 million. CREE saw a double-digit increase in LED lighting products and mid-single digit increase in
LED components. Power and RF products slightly offset some of the gains in LED lighting and components. Additionally, LED chip sales were essentially flat in the quarter. Gross margin was 38.8% vs. our expectation of 40%."
Shares of CREE gained $2.84 yesterday to close at $29.49.
Market News and Data brought to you by Benzinga APIs© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Comments
Loading...
Posted In: Analyst ColorPrice TargetAnalyst RatingsInformation TechnologyMorgan KeeganSemiconductors
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!
Already a member?Sign in