Baidu’s Fourth Quarter Strong, Cree Receives Lower Price Target, Future Bright for VMware
Technology continues to be the innovator and driver of the economic recovery. Analysts provide some more color on the following tech companies today:
Baidu, Inc. (NASDAQ:BIDU): ThinkEquity says fourth quarter momentum was strong for Baidu. ThinkEquity expects Baidu will grow sales to large advertisers and increase revenues 50 percent to 60 percent in the year. The firm reiterates a Buy.
Cree Inc. (NASDAQ:CREE): UBS lowers estimates for Cree. UBS reports mixed demand for LED lighting in China and LED factory utilization in the 50 percent to 70 percent range. The firm lowered Cree estimate for both fiscal years 2012 and 2013 cited LED adoption rates that were slower than expected and FY12 and FY 13 estimates due to slower than expected LED adoption rates and limited visibility into the Chinese subsidy program. UBS rates Cree Neutral and lowers target from $29 to $25.
VMware, Inc. (NYSE:VMW): FBR Capital says VMware should top fourth quarter estimates. Strong deal in the virtualization space has FBR betting VMware beats fourth quarter consensus estimates. The firm maintains an Outperform with a target of $120.
Universal Display Corp. (NASDAQ:PANL): Cowen says OLED TVs will boost Universal Display. Large organic light-emitting diode (OLED) televisions are being launched at two original equipment manufacturers, which will benefit Universal Display and proved a new market segment for television manufacturers, tablet makers and phone makers. The firm sees new contracts as confirmation of Universal Display’s intellectual property assets. Shares are Outperform.
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