Wunderlich's Theodore O'Neill is downgrading Cree (CREE -0.1%) to Sell and setting a $25 PT,...

|By:, SA News Editor

Wunderlich's Theodore O'Neill is downgrading Cree (CREE -0.1%) to Sell and setting a $25 PT, believing "a weakness in worldwide semiconductor bookings" bodes poorly for the LED chipmaker, given how its revenue is "highly correlated with worldwide demand." Cree has struggled to deal with weak TV sales and soft LED pricing.