NEW YORK (TheStreet) — Cree Inc. (CREE_) tumbled on Monday following an analystdowngrade from Stifel. By late afternoon, shares had taken off 9.5% to $60.81. Stifel cut the semiconductor company to a “hold” rating on the view the near-term set-up was too shaky.
“We see March EPS consensus estimates of $0.40, up sequentially as too lofty given seasonal weakness in outdoor/Chinese New Year, as well as mix shift to HD channel during the March [quarter], which should allow flat to up revenues but have a negative effect on EPS, not a positive impact as consensus expects,” analyst Jeffrey Osborne wrote in the report.Read more at TheStreet.com