Analyst slams LED maker Cree

The stock closed yesterday at $22.78.
From Cleantech:

Report warns of ‘red flag’ for market leader because of $10 million in excess inventory at one Asian distributor.

Even with the Nasdaq as a whole down 9 percent, Durham, N.C.-based Cree (Nasdaq:CREE) saw its shares fall 14.6 percent today to $22 on an analyst report warning of problems at the light-emitting diode market leader.

Canaccord Adams released a report today reiterating a ‘sell’ rating and target price for Cree of $16, which is 20 times the estimated 2009 earnings-per-share of 68 cents...MORE