Needham & Company Increases Cree Price Target to $80.00 (CREE)
Equities researchers at Needham & Company increased their price objective on shares of Cree (NASDAQ:CREE) from $74.00 to $80.00 in a research report issued on Monday, AnalystRatings.Net reports. The firm currently has a “buy” rating on the stock. Needham & Company’s price objective points to a potential upside of 11.90% from the company’s current price.
Several other analysts have also recently commented on the stock. Analysts at Goldman Sachs Group Inc. reiterated a “buy” rating on shares of Cree in a research note to investors on Tuesday, October 1st. Separately, analysts at Canaccord Genuity upgraded shares of Cree from a “hold” rating to a “buy” rating in a research note to investors on Tuesday, October 1st. They now have a $80.00 price target on the stock, up previously from $65.00. Finally, analysts at Tigress Financial upgraded shares of Cree from a “buy” rating to a “strong-buy” rating in a research note to investors on Tuesday, September 10th. One research analyst has rated the stock with a sell rating, fourteen have given a hold rating, thirteen have given a buy rating and one has assigned a strong buy rating to the company’s stock. Cree presently has an average rating of “Hold” and an average target price of $59.98.
Cree (NASDAQ:CREE) traded down 1.68% on Monday, hitting $71.49. 2,333,496 shares of the company’s stock traded hands. Cree has a 52 week low of $24.50 and a 52 week high of $76.00. The stock has a 50-day moving average of $59.36 and a 200-day moving average of $60.98. The company has a market cap of $8.506 billion and a P/E ratio of 98.26.
Cree (NASDAQ:CREE) last posted its quarterly earnings results on Tuesday, August 13th. The company reported $0.38 earnings per share (EPS) for the quarter, meeting the consensus estimate of $0.38. The company had revenue of $375.00 million for the quarter, compared to the consensus estimate of $377.21 million. During the same quarter in the previous year, the company posted $0.25 earnings per share. The company’s revenue for the quarter was up 22.2% on a year-over-year basis. Analysts expect that Cree will post $1.77 EPS for the current fiscal year.
Cree, Inc (NASDAQ:CREE) develops and manufactures semiconductor materials and devices primarily based on silicon carbide (SiC), gallium nitride (GaN) and related compounds.
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