Cree Given Consensus Recommendation of “Buy” by Analysts (NASDAQ:CREE)
Shares of Cree (NASDAQ:CREE) have been given an average recommendation of “Buy” by the twenty-three brokerages that are presently covering the stock, American Banking News reports. One analyst has rated the stock with a sell recommendation, ten have assigned a hold recommendation, eleven have issued a buy recommendation and one has assigned a strong buy recommendation to the company. The average 1-year price target among brokerages that have covered the stock in the last year is $62.31.
A number of research firms have recently commented on CREE. Analysts at Oppenheimer upgraded shares of Cree from a “market perform” rating to an “outperform” rating in a research note on Thursday, July 3rd. They now have a $59.00 price target on the stock, up previously from $50.31. Separately, analysts at Zacks upgraded shares of Cree from an “underperform” rating to a “neutral” rating in a research note on Tuesday, June 24th. They now have a $49.60 price target on the stock. Finally, analysts at Needham & Company LLC cut their price target on shares of Cree from $64.00 to $59.00 in a research note on Thursday, June 5th. They now have a “buy” rating on the stock.
Cree (NASDAQ:CREE) opened at 48.83 on Wednesday. Cree has a 52-week low of $44.52 and a 52-week high of $76.00. The stock has a 50-day moving average of $48.82 and a 200-day moving average of $55.18. The company has a market cap of $5.910 billion and a P/E ratio of 48.53.
Cree (NASDAQ:CREE) last announced its earnings results on Tuesday, April 22nd. The company reported $0.39 EPS for the quarter, beating the Thomson Reuters consensus estimate of $0.38 by $0.01. The company had revenue of $405.20 million for the quarter, compared to the consensus estimate of $407.28 million. During the same quarter in the prior year, the company posted $0.34 earnings per share. The company’s quarterly revenue was up 16.1% on a year-over-year basis. Analysts expect that Cree will post $1.64 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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