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Cree (NASDAQ:CREE) was downgraded by equities researchers at Stifel Nicolaus from a “buy” rating to a “hold” rating in a research report issued on Monday, reports.

The analysts wrote, “Cree shares have performed well the last few quarters into and post Acuity’s earnings call; however the correlation of Acuity’s (AYI; Hold; $132.66) 1.7 million SKUs/22 brands with Cree’s limited presence in the market place is slim in our view,” the report noted. “We see March EPS consensus estimates of $0.40, up sequentially as too lofty given seasonal weakness in outdoor/Chinese New Year, as well as mix shift to HD channel during the March Q, which should allow flat to up revenues but have a negative effect on EPS, not a positive impact as consensus expects.” Some highlights from the report included:-”Rally in Early 2014 Looks Overdone Heading into a Seasonally Weak Quarter With Mix Toward Bulbs.”-”Still Like the Story for 2014, But Near-Term Set Up Makes Us Nervous.”

Shares of Cree (NASDAQ:CREE) opened at 62.50 on Monday. Cree has a 1-year low of $33.18 and a 1-year high of $76.00. The stock has a 50-day moving average of $60.45 and a 200-day moving average of $62.77. The company has a market cap of $7.461 billion and a price-to-earnings ratio of 75.14.

Cree (NASDAQ:CREE) last released its earnings data on Tuesday, October 22nd. The company reported $0.39 EPS for the quarter, meeting the Thomson Reuters consensus estimate of $0.39. The company had revenue of $391.00 million for the quarter, compared to the consensus estimate of $392.31 million. During the same quarter in the prior year, the company posted $0.27 earnings per share. The company’s quarterly revenue was up 23.8% on a year-over-year basis. On average, analysts predict that Cree will post $1.65 earnings per share for the current fiscal year.

A number of other firms have also recently commented on CREE. Analysts at Zacks upgraded shares of Cree from an “underperform” rating to a “neutral” rating in a research note to investors on Tuesday, December 24th. They now have a $61.90 price target on the stock. Separately, analysts at Lazard Capital Markets reiterated a “buy” rating on shares of Cree in a research note to investors on Tuesday, November 12th. They now have a $75.00 price target on the stock. Finally, analysts at Jefferson Research upgraded shares of Cree from a “hold” rating to a “buy” rating in a research note to investors on Tuesday, October 29th. One investment analyst has rated the stock with a sell rating, fifteen have given a hold rating, twelve have assigned a buy rating and one has given a strong buy rating to the company’s stock. The company currently has a consensus rating of “Hold” and an average price target of $59.57.

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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