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发帖数: 8131 | 1 【 以下文字转载自 bluechips 俱乐部 】
发信人: Caspia (Caspia), 信区: bluechips
标 题: Re: CREE和佛山照明
发信站: BBS 未名空间站 (Tue Sep 7 02:05:31 2010, 美东)
LEDs: Kaufman Sets Buys On VECO, AIXG; Starts Cree At Hold
Kaufman Bros. analyst Jeffrey Bencik this morning picked up coverage of the
LED lighting sector, starting Cree (CREE) with a Hold rating, while setting
Buy ratings on Veeco (VECO) and Aixtron (AIXG).
Here’s an quick rundown on his thinking on the stocks:
Cree: He sets a $58 price target, modestly above yesterday’s close at $53.
54. “As a technology leader in the space and a pure-play on the growth in
the LED market, we believe CREE deserves a premium multiple; however, we do
not feel comfortable increasing the multiple to the high end of the range
and would look to see earnings acceleration above our forecasts to become
more constructive on the name.” He notes that his target represents 25x
expected 2011 EPS.
Veeco: He sets a $56 target, compared to yesterday’s close at $33.23. “
VECO is trading near historic low valuations of 7.5x consensus estimates for
2011 and only 6x our estimate,” he writes. “Excluding cash [about $10 a
share], the company would be trading at only 5x the consensus estimate. This
is actually below its prior record low valuation. The market is betting
that the industry is at the peak of the cycle, but, in our opinion, the
industry is just starting to benefit from what will likely be an extended
ramp in demand for LEDs as the backlighting mini-cycle turns into the
general lighting super cycle.”
Aixtron: His target is $34; the stock closed yesterday at $24.67. “Aixtron
has maintained 60%+ market share in MOCVD [Metal-Organic Chemical Vapour
Deposition] equipment used to manufacture LEDs,” he notes. “The LED
industry is in the early stages of a secular growth story that should lead
to 30%+ growth per year. The demand for LEDs is from mobile phones, LCD
televisions and general lighting applications. LEDs use one-tenth the
electricity of incandescents and can last for 50 years. Aixtron makes the
most complete line of MOCVD equipment and supplies to all of the major LED
manufacturers. We expect the company to maintain this level of market share
and benefit from the overall growth in the LED space.” |
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