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Technology Stocks : Semi Equipment Analysis -- Ignore unavailable to you. Want to Upgrade?

To: Return to Sender who wrote (53331)	8/19/2011 3:09:27 PM
From: Donald Wennerstrom	1 Recommendation Read Replies (1) \| Respond to of 95530

Cree initiated with a Buy at Ticonderoga; tgt $39 9:21 AM ET 8/19/11 \| Briefing.com Ticonderoga initiates CREE with a Buy and price target of $39. With gross margins appearing to have bottom in the June quarter and pricing pressure subsiding, we believe Cree, along with the LED industry, is in a cyclical recovery driven by improving general lighting demand applications. As both revenue and gross margins recover, they believe Cree should command a 4x Price/FY12 Sales valuation consistent with other historical chip leaders such as QCOM, (cell phone enabler), INTC, ( PC enabler) and BRCM (WiFi enabler) when comparing P/S versus gross margin percentage for a $39 tgt.