Morgan Joseph Reiterates CREE Buy, $100 Price Target

Morgan Joseph is out reiterating its Buy rating on CREE after last night’s earnings report.  They also maintain the price target of $100. Hat tip to Street Insider for the following analyst comment.

“Given solid execution and the stronger than expected LED business, we are again increasing our CY2010 revenue and non-GAAP EPS estimates to $1.05bn and $2.00, respectively, from $987mm and $1.88. We are also increasing our CY2011 revenue estimate to $1.34bn from $1.31bn, but leaving our CY2011 non-GAAP estimate the same at $2.60, given the expected ramp in operating expenses as outlined below. Nevertheless, Cree’s fundamentals appear robust and the business continues to fire on all cylinders.”

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