Cree Price Target Lowered to $59.00 at Northland Securities (CREE)
Analysts at Northland Securities reduced their price objective on shares of Cree (NASDAQ:CREE) from $63.00 to $59.00 in a research report issued to clients and investors on Wednesday, AR Network reports. The firm currently has an “in-line” rating on the stock. Northland Securities’ target price points to a potential downside of 6.10% from the company’s current price.
Other equities research analysts have also recently issued reports about the stock. Analysts at Canaccord Genuity cut their price target on shares of Cree from $76.00 to $74.00 in a research note to investors on Wednesday. They now have a “buy” rating on the stock. Separately, analysts at Northland Capital Partners cut their price target on shares of Cree from $63.00 to $59.00 in a research note to investors on Wednesday. They now have a “market perform” rating on the stock. Finally, analysts at Sterne Agee reiterated a “buy” rating on shares of Cree in a research note to investors on Tuesday, January 14th. One analyst has rated the stock with a sell rating, fifteen have assigned a hold rating, twelve have given a buy rating and one has issued a strong buy rating to the stock. The stock presently has a consensus rating of “Hold” and a consensus price target of $59.28.
Cree (NASDAQ:CREE) traded up 5.49% during mid-day trading on Wednesday, hitting $66.2799. 3,088,112 shares of the company’s stock traded hands. 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 $7.912 billion and a price-to-earnings ratio of 73.92. Cree also saw unusually large options trading activity on Tuesday. Traders purchased 33,375 call options on the company. This is an increase of 295% compared to the average daily volume of 8,441 call options.
Cree (NASDAQ:CREE) last issued its quarterly earnings data on Tuesday, January 21st. The company reported $0.46 earnings per share for the quarter, beating the analysts’ 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 prior year, the company posted $0.32 earnings per share. The company’s quarterly revenue 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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