Cree Announces New LED Recessed Light Fixture, JP Morgan Analyzes Cost of Ownership (CREE)

Cree (NASDAQ: CREE) announced a new product at its C2Q10 conference call. Its new CR6 recessed fixture down-light will retail for $50 at Home Depot (NYSE: HD).

JP Morgan analysts Christopher Blansett and Brian Lee said, "A standard non-dimmable CFL remains the lowest CoO for the homeowner, Assuming no expense is incurred for bulb replacement. We estimate a Cree CR6 has an 18% higher overall CoO than a standard, non-dimmable CFL while achieving an 11% lower CoO versus dimmable CFLs. Compared to an incandescent bulb, the Cree CR6 product has a 66% lower CoO."

Cree is rated Overweight with a price target of $77.00.

Shares of CREE are currently trading at $56.60.