Cree Hits New 52-Week Low, Sterne Agee Maintains Buy Rating

Sterne Agee has published a research report on Cree, Inc. (NASDAQ: CREE) after the company hit a new 52-week low.

In the report, Sterne Agee writes "Since its last earnings release, Cree's stock has hit new 52-week lows. We believe this is the result of fears that following three consecutive quarters of guide-downs, consensus estimates will come down once again, driven by further delays in revenue ramps from China Street Lighting projects and an acceleration in ASP erosion. The stock has also dramatically underperformed, down 29% YTD versus other stocks in the LED sector up an average 9% YTD."

Sterne Agee maintains its Buy rating and $87 price target.

Cree, Inc. closed yesterday at $46.99.