Ladies and gentlemen, will you give it up for Joshua Paradise at Morgan Stanley.April 5: CREE: Market Likely Overestimates Earnings Power, Cut to Underweight
The stock is down 8 pts (~20%) since his call from 2 weeks ago as the cheerleaders are cutting their ratings on the name. I've counted 4 downgrades so far.
Mr. Paradise, so very elegantly is closing his negative Research Tactical Idea on CREE this morning:
This Research Tactical Idea is closed because the stock price has moved according to our expectations. Cree reported earnings below us and consensus on April 19th after the close and management guided gross margins for the June quarter down to 40%, below consensus of 43%. Our negative RTI was based on lower gross margin guidance. This has played out.
Notablecalls: Give kudos where it's due. I do!
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