Cree Launches New, Cheaper LED Lighting Product
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Cree (NASDAQ:CREE) earlier this morning announced the Cree XLamp XT-E White LED, which, according to the company, delivers twice the lumens-per-dollar of other LED lighting products and features the highest performance and efficacy in the industry. Based on a new silicon carbide technology platform, the XT-E LED and the recently released XB-D LED represent a dramatic transformation in LED price-performance, the company added. Fritz Morgan, chief product officer, Digital Lumens, Inc. said, "Cree has a history of delivering excellent LED solutions and the XLamp XT-E LED has exceeded our expectations. We are committed to building the most energy-efficient industrial lighting systems and the XT-E LED enables us to do just that with high lumens per watt. The result is an intelligent LED-based lighting system that is driving widespread adoption of LEDs in industrial facilities, with compelling performance and end-user payback." Cree (NASDAQ:CREE) has potential upside of 7.5% based on a current price of $28.33 and an average consensus analyst price target of $30.46.