Piper Jaffray was out with some rating changes/coverage of LED lighting stocks after the bell today. Hat tip to Street Insider for the following analyst comments….
Initiated Cree Inc (CREE) at Overweight with $88 price target. They believe Cree is the leading LED play and that the recent pull back offers an attractive entry point. To that I say it’s up 20% in two weeks.. would have been an attractive entry point at the beginning of July.
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Initiated Rubicon Technologies (RBCN) at Overweight with a $39 price target. They see LED capacity expansion outpacing sapphire supply which benefits Rubicon. I’d have to agree, but recent heavy insider selling is a concern especially after the run it’s had.
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Veeco Instruments (VECO) downgraded from Overweight to Neutral and price target reduced from $69 to $44. The firm points to checks which are indicating that bookings for its MOCVD reactors likely peak in Q210 and that the majority of orders from Samsung, Innotek and Sanan, the company’s largest customers, are “likely already in the backlog by the end of 1H10.”