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ThinkEquity Downgrades Cree to Accumulate

From Standard & Poor's Equity Research

ThinkEquity downgraded Cree (CREE) to accumulate from buy, noting that the company now sees lower fourth quarter earnings per share.

Analyst Michael Burton says the company now sees EPS falling below 22 cents to 24 cents guidance on revenue of $106.7 million, which is at the low end of its $106 million to $110 million guidance range. September quarter revenues are expected to decline amid weakness in mobile products. He cut his 99 cents fiscal year 2006 (ending June) EPS estimate to 96 cents and his 97 cents fiscal year 2007 estimate to 76 cents. His $30 stock price target moves to $18.

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