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Analysts at Northland Capital Partners lowered their price target on shares of Cree (NASDAQ:CREE) from $63.00 to $59.00 in a research report issued to clients and investors on Wednesday, Analyst Ratings.Net reports. The firm currently has a “market perform” rating on the stock. Northland Capital Partners’ target price suggests a potential downside of 6.10% from the stock’s previous close.

CREE has been the subject of a number of other recent research reports. Analysts at Sterne Agee reiterated a “buy” rating on shares of Cree in a research note to investors on Tuesday, January 14th. Separately, analysts at Stifel Nicolaus downgraded shares of Cree from a “buy” rating to a “hold” rating in a research note to investors on Monday, January 13th. Finally, 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. One equities research analyst has rated the stock with a sell rating, fifteen have assigned a hold rating, twelve have issued a buy rating and one has given a strong buy rating to the stock. Cree currently has a consensus rating of “Hold” and an average price target of $59.47.

Shares of Cree (NASDAQ:CREE) opened at 62.83 on Wednesday. Cree has a 52-week low of $38.27 and a 52-week high of $76.00. The stock’s 50-day moving average is $60.76 and its 200-day moving average is $62.66. The company has a market cap of $7.500 billion and a P/E ratio of 73.53. Cree also was the target of some unusual options trading activity on Tuesday. Stock investors bought 33,375 call options on the company. This represents an increase of 295% compared to the average daily volume of 8,441 call options.

Cree (NASDAQ:CREE) last posted its quarterly earnings results on Tuesday, January 21st. The company reported $0.46 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.39 by $0.07. The company had revenue of $415.09 million for the quarter, compared to the consensus estimate of $412.36 million. During the same quarter in the previous year, the company posted $0.32 earnings per share. The company’s revenue for the quarter was up 19.9% on a year-over-year basis. On average, analysts predict that Cree will post $1.65 earnings per share 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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