Wednesday, April 21, 2010

"Piper Jaffray Maintains an 'Overweight' on Cree, Inc." and "Morgan Joseph Reiterates a 'Buy' on Cree, Inc." (CREE)

Two from StreetInsider:
Piper Jaffray maintains an 'Overweight' rating on Cree, Inc. (CREE), price target increased from $70 to $88.

Piper analyst says, "LED market remains a compelling growth opportunity. The LED market was roughly $6B in 2008 and we expect it to triple to $18B in 2013 (43% CAGR). Growth rates this high in markets this large are rare. We estimate that the general illumination market size for light bulbs of all kinds is roughly $20-$30 billion and fixtures are also roughly $25-$30 billion....MORE
Morgan Joseph reiterates a 'Buy' on Cree, Inc. ( CREE), price target $100.

Morgan analyst says, "Given solid execution and the stronger than expected LED business, we are again increasing our CY2010 revenue and non-GAAP EPS estimates to $1.05bn and $2.00, respectively, from $987mm and $1.88....MORE