Cree PT Lowered to $74.00 (CREE)
Stock analysts at Canaccord Genuity reduced their price objective on shares of Cree (NASDAQ:CREE) from $76.00 to $74.00 in a report issued on Wednesday, Stock Ratings Network.com reports. The firm currently has a “buy” rating on the stock. Canaccord Genuity’s price target points to a potential upside of 17.78% from the stock’s previous close.
CREE has been the subject of a number of other recent research reports. 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. Separately, analysts at Sterne Agee reiterated a “buy” rating on shares of Cree in a research note to investors on Tuesday, January 14th. Finally, 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. One research analyst has rated the stock with a sell rating, fifteen have given a hold rating, twelve have issued a buy rating and one has assigned a strong buy rating to the stock. Cree currently has an average rating of “Hold” and an average price target of $59.09.
Shares of Cree (NASDAQ:CREE) traded up 6.08% during mid-day trading on Wednesday, hitting $66.65. 3,796,705 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 $7.956 billion and a price-to-earnings ratio of 73.92. Cree also was the recipient of unusually large options trading activity on Tuesday. Stock investors bought 33,375 call options on the stock. This is an increase of 295% compared to the average 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 (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. Analysts expect that Cree will post $1.65 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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