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Technology Stocks : Wolf speed
WOLF 18.43+0.5%9:30 AM EST
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To: w2j2 who wrote (5347)5/9/2001 9:18:33 AM
From: Exacctnt  Read Replies (2) of 10714
 
Cree, Inc. (CREE) 24.43 +1.40: Back in a March 22 Story Stock, Briefing.com was positive on CREE with the shares priced around 15. CREE has returned 61% since then which raises the question of whether it remains a solid Buy at current levels. The company continues to execute, reporting third quarter results in line with estimates that had not been previously lowered. More specifically, CREE reported quarterly revenue of $53.4 million which represents 81% yoy growth and a 29% sequential increase. Net income grew 53% yoy excluding intangible asset amortization and a one-time charge for acquired in-process R&D as a result of the acquisition of UltraRF. While CREE's third quarter performance was strong, the company did reduce its outlook for fiscal year 2002. CREE now expects full-year revenue of $200 million to $240 million, and sees earnings anywhere from flat to 20% higher than FY2001. Fundamentally, the shares currently trade at 35.8x trailing-twelve-month earnings which compares favorably to five-year historic valuation levels. The five-year bands on CREE's Price/Earnings multiple range from a low of 19.7x to a high of 233.6x. This suggests CREE continues to have room for multiple expansion once end-market demand begins to ramp. So to answer the question, CREE remains an attractive long-term investment at current levels... just not quite as good as it looked at 15. --Michael Ashbaugh, Briefing.com
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