If you wondered why posting was a bit light today, here's why.
The stock is up 8.26% at $76.86.
(Adds analyst, index comparison from second paragraph.)
By Todd White
April 5 (Bloomberg) -- Cree Inc. jumped as much as 9.2 percent and headed to a nine-year record in New York trading after the maker of energy-efficient lighting products was raised to a “buy” rating from “neutral” by UBS AG.
The stock climbed as high as $77.07 a share and traded at $76.75, up 8.7 percent, as of 10:54 a.m. local time, after UBS analyst Ahmar Zaman set a $92 target price.
The Durham, North Carolina-based company has gained 36 percent this year, the second-best performer on the 54-member WilderHill Clean Energy Index, which has dropped 8.6 percent in the period.
I hate copying whole pieces rather than directing traffic but on this one every paragraph counted.
Here's the 15-month price acion via BigCharts:
Which explains why, a couple weeks ago, I posted this:
Some of our recent posts:
Cree Inc. CHAIRMAN, PRESIDENT AND CEO Charles M Swoboda sells 77,500 Shares (CREE)From Tech Trader Daily:
Is Brigantine Advisors Analyst Ramesh Misra (PhD.) the Dumbest Guy on the Street? (CREE; FSLR)
17 Projects Shaping the Future of LED Lights (AMAT; CREE; GE; PANL; PHG; UTEK)
Cree Crushes Street Estimates; Stock Leaps (CREE)
...Zaman notes that UBS today is lifting its forecast for 2011 general lighting LEDs to 9.7 billion square meters to 7.3 billion previously, “given an increasing focus on lighting from LED companies” during recent visits with LED companies in Asia.
“Our checks in Asia suggest the bear case of competitive pressure on Cree likely takes longer to develop,” he writes. “We note that many LED chip makers in Korea, Taiwan and Japan continue to out-source high-power LEDs from Cree, as their in-house yields on lighting-class LEDs are not sufficiently high.” Zaman says that Cree and Nichia “continue to split the market for lighting-class LEDs for the near term.”>>>MORE