Cree Inc (CREE) and JA Solar (JASO) Get Downgrades
Cree Inc(CREE) is being hit with another downgrade this morning, this time fromBrigantine Advisors (first I’ve heard of them) to a Sell rating due tovaluation concerns. Hat tip to StreetInsider.com for the following analyst comment:
“Based upon our checks, we believe that demand and pricing for LEDswas very robust in the December quarter, and Cree likely enjoyed strongbusiness trends. Seasonally strong demand from Notebook PCs andLED-backlit televisions appear to have resulted in tightness ofcapacity across the channel. While most LED suppliers havesignificantly raised their capex plans for 2010, it may be a few monthsbefore that capacity comes on-line. As a result we are raising ourestimates. However, even on our significantly higher estimates thestock is expensive, and furthermore seasonal trends in 1H of CY10 couldresult in easing of supply constraints.”
Also getting a downgrade this morning is JA Solar (JASO) whichwas cut to Neutral from Buy by Broadpoint. Shares are down about 3%premarket.
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