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CREE

Cree

07:41
04/06/16
04/06
07:41
04/06/16
07:41

Cree lack of distribution channel exacerbates earnings shortfall, says Canaccord

Canaccord said Cree's lack of an agent distribution channel could be exacerbating its earnings shortfall. The firm noted the Lighting business was the company's growth driver, which makes its Q3 miss all the more painful as the divergence between its margins and the rest of the industry suggests the potential for more downside. Canaccord maintained its Hold rating and lowered its price target to $20 from $24 on Cree shares.

CREE Cree

02/22/16
PIPR
02/22/16
UPGRADE
Target $37
PIPR
Overweight
Cree upgraded to Overweight from Neutral at Piper Jaffray
Piper Jaffray analyst Mike Ritzenthaler upgraded Cree to Overweight after his firm's channel checks with lighting distributors indicated solid volume growth in the order books for 2016. Cree's components business restructuring positions it to post gross margins in the mid-30% range, Ritzenthaler tells investors in a research note. He raised his price target for the shares to $37 from $27.
02/22/16
02/22/16
UPGRADE

On The Fly: Top five analyst upgrades
Catch up on the today's top five analyst upgrades with this list compiled by The Fly: 1. CSX (CSX) upgraded to Buy from Neutral at BofA/Merrill by analyst Ken Hoexter, who also increased his price target to $28 from $25. He said overall industry volume comps begin to get easier beginning in April and believes CSX's multiple should expand as volume stabilize and coal pressures subside. Hoexter also upgraded Knight Transportation (KNX) and Swift Transport (SWFT) to Buy from Neutral and Werner (WERN) and Genesee & Wyoming (GWR) upgraded to Neutral from Underperform. 2. WellCare (WCG) upgraded to Overweight from Neutral at JPMorgan by analyst Gary Taylor, who raised his price target to $114 from $80. Taylor cited an improved Medicare Advantage outlook following the Centers for Medicare and Medicaid Services' 2017 Advance Notice and said the agency's decision to not explicitly recoup the 2017 HIP Holiday is "quite material" to WellCare. WEllCare was also upgraded to Neutral from Underperform at Bofa/Merrill. 3. Cree (CREE) upgraded to Overweight from Neutral at Piper Jaffray by analyst Mike Ritzenthaler after his firm's channel checks with lighting distributors indicated solid volume growth in the order books for 2016. 4. Mentor Graphics (MENT) upgraded to Buy from Neutral at DA Davidson as it believes that the company's announcement that it will repurchase 8.1M shares from Carl Icahn, along with what the firm sees as stabilizing industry fundamentals, has improved the stock's risk/reward ratio. 5. IMAX (IMAX) upgraded to Outperform from Netural at Wedbush by analyst Michael Pachter. The valuation is favorable while the company is seeing an improving pace of screen installations and an improving premium film slate in 2016, Pachter said. This list is just a portion of The Fly's full analyst coverage. To see The Fly's full Street Research coverage, click here.
02/29/16
SPHN
02/29/16
NO CHANGE
Target $40
SPHN
Overweight
Cree transition misunderstood, underappreciated, says Stephens
Stephens analyst Harsh Kumar thinks CREE is misunderstood, as he believes most investors still see it as an LED business though the company is transitioning into a Lighting company that will have more stable gross margins and faster growth. The analyst, who adds that becoming a Lighting business may result in better cash flows, reiterates an Overweight rating and $40 price target on CREE shares.
03/07/16
ADAM
03/07/16
NO CHANGE
Target $24
ADAM
Hold
Cree may need more restructuring of LED business, says Canaccord
Canaccord noted Cree has already taken steps to restructure its LED business and suspects it may need to take more. The firm sees Street expectations as too high given the perpetual oversupply situation in components and relatively limited competitive position as a lighting company. Canaccord maintained its Hold rating and lowered its price target to $24 from $26 on Cree shares.

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WLL

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AMZN

Amazon.com

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ETR

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TELL

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$NSD

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