Cree (CREE) Shares Outperforming Today as Analyst Issues Multi-Notch Upgrade
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Price: $20.87 +1.85%
Rating Summary:
12 Buy, 8 Hold, 3 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 0 | Down: 0 | New: 0
Rating Summary:
12 Buy, 8 Hold, 3 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 0 | Down: 0 | New: 0
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Cree (Nasdaq: CREE) shares have rallied more than 2% today following a multi-notch upgrade from an analyst at Credit Agricole early this morning. The stock last traded at $48.04.
Credit Agricole lifted its investment rating on the LED company from Underperform to Outperform and its price target on the stock from $50 to $55.
The firm cited a belief that the streetlight market in China should return, and that broader LED adoption will likely begin in 2012. The research note pointed out that Cree's sales in China and Hong Kong rose from 38% in 2009 to 40% in 2010.
Despite the new Outperform rating, Credit Agricole said it would be even more bullish on shares of CREE if the company resolves issues with inventory levels. The firm said it would also be looking for more signs of increasing demand.
To track all the analyst action on shares of Cree, visit our Analyst Ratings page.
Credit Agricole lifted its investment rating on the LED company from Underperform to Outperform and its price target on the stock from $50 to $55.
The firm cited a belief that the streetlight market in China should return, and that broader LED adoption will likely begin in 2012. The research note pointed out that Cree's sales in China and Hong Kong rose from 38% in 2009 to 40% in 2010.
Despite the new Outperform rating, Credit Agricole said it would be even more bullish on shares of CREE if the company resolves issues with inventory levels. The firm said it would also be looking for more signs of increasing demand.
To track all the analyst action on shares of Cree, visit our Analyst Ratings page.
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