Cree Upgraded By Needham On Demand For LED Lights
Cree (CREE) stock rose more than 3.5% in the stock market today after Needham & Co. upgraded the LED light maker to a buy from hold, citing strong demand for its products. In morning traded, though, the stock was up less than 1%, near 55.50. Needham analyst Edwin Mok also set a price target of 64 on the stock. “Based on strengthened demand for LED lighting, we believe CREE will deliver strong revenue and earnings growth in the coming quarters,”