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Cree (NASDAQ:CREE) was downgraded by equities researchers at Credit Agricole from an “outperform” rating to an “underperform” rating in a research report issued on Wednesday, reports.

Shares of Cree (NASDAQ:CREE) opened at 49.20 on Wednesday. Cree has a one year low of $44.52 and a one year high of $75.98. The stock has a 50-day moving average of $49. and a 200-day moving average of $52.92. The company has a market cap of $5.955 billion and a price-to-earnings ratio of 49.30. Cree also saw unusually large options trading activity on Monday. Investors purchased 20,276 call options on the company. This represents an increase of approximately 392% compared to the average volume of 4,119 call options.

Cree (NASDAQ:CREE) last posted its quarterly earnings results on Tuesday, August 12th. The company reported $0.42 EPS for the quarter, beating the Thomson Reuters consensus estimate of $0.41 by $0.01. The company had revenue of $436.30 million for the quarter, compared to the consensus estimate of $444.11 million. During the same quarter in the prior year, the company posted $0.38 earnings per share. On average, analysts predict that Cree will post $1.64 earnings per share for the current fiscal year.

A number of other firms have also recently commented on CREE. Analysts at Northland Securities cut their price target on shares of Cree from $57.00 to $52.00 in a research note on Wednesday. They now have a “market perform” rating on the stock. Separately, analysts at JPMorgan Chase & Co. reiterated an “overweight” rating on shares of Cree in a research note on Wednesday, July 23rd. They now have a $62.00 price target on the stock, up previously from $61.00. Finally, 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. Two research analysts have rated the stock with a sell rating, eight have given a hold rating, eleven have assigned a buy rating and one has issued a strong buy rating to the stock. Cree currently has a consensus rating of “Buy” and a consensus price target of $62.82.

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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