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LED lighting maker Cree (CREE) on Wednesday lost the support of two formerly bullish analysts who gave up on the slumping stock. Cree late Tuesday reported fiscal first-quarter earnings and sales that missed targets. For the quarter ended Sept. 28, the Durham, N.C.-based company earned 24 cents a share minus items, down 38% from the same period last year. Analysts polled by Thomson Reuters were expecting EPS of 36 cents. The sharp decline in earnings follows eight straight quarters of year-over-year earnings growth. Cree said that sales rose 9% to $428 million, but Wall Street was modeling for $433 million. Cree stock fell 15% to just above 28 on the news Wednesday. It had started the year at 62. Canaccord Genuity analyst Jonathan Dorsheimer downgraded Cree stock to hold from buy and slashed his price target to 29 from 41. “In spite of the fact that we may… Scalper1 News
Scalper1 News