Kaufman Bros. has initiated overage of the big 3 LED stocks this morning according to Barrons.
Cree Inc (CREE) was initiated at Hold with a $58 price target. They see CREE as the leader and one that deserves a premium valuation, but the stock is a bit overdone to the upside. CREE is trading up about 1%, but remains relatively weak technically and looks like it wants to test the $50 level at some point.
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Veeco Instruments (VECO) is initiated with a Buy rating and $56 price target. The firm indicates the stock is trading at historically low valuations and that the LED industry is just at the beginning of a surge in demand for LEDs as the demand shifts more from backlighting applications to general lighting. Shares of VECO are up nearly 3% today and have stabilized in recent weeks, finding support around the $30 level once again.
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Aixtron (AIXG) is also initiated at Buy with a $34 price target. The firm notes that AIXG maintains a significant 60% share in the LED manufacturing tools space and makes the complete line of MOCVD equipment and supplies for all the major LED manufacturers. AIXG is up about 4% in early trading and continues to hang in around key support in the $23 – $25 range.
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