The upgrades just keep coming for Cree Inc (CREE). Morgan Joseph upgraded the company from Neutral to Buy this morning and set a $100 price target. Hat tip to Street Insider for the following analyst comment:
“On Tuesday, after the close of trading, we expect Cree to announce F3Q10 sales and non-GAAP EPS of $220mm and $0.43, respectively, compared to Street expectations of approximately $223mm and $0.44, respectively. We expect LED sales to continue driving revenue growth for Cree, with strong demand for LED lighting applications and components.”
I don’t really understand this call best on their estimate which is below the Street. CREE has to live up to very lofty expectations if they hope to avoid post earnings profit taking. If they miss the Street, the stock should take quite a hit.
In their last earnings report the company predicted revenues of $215 – 225 million with an EPS of .41-.44/share for this quarter.
Shares of CREE are up another 5% today and showing no signs of slowing down.