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Cree (NASDAQ:CREE) was downgraded by equities researchers at Summit from a “buy” rating to a “hold” rating in a research report issued on Wednesday.

The analysts wrote, “We are still assuming 21.4% revenue growth in FY15, going from our F2014E $1648M to FY2015 $2000M. Downside risks would be reduced LED adoption in lighting worldwide for any reason, use of mid-power LEDs to do the job of high quality LEDs, and upside might continue from the phasing out of incandescents in multiple countries”

Shares of Cree (NASDAQ:CREE) traded down 8.66% during mid-day trading on Wednesday, hitting $44.94. 5,783,875 shares of the company’s stock traded hands. 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 $5.439 billion and a price-to-earnings ratio of 48.81. Cree also saw unusually large options trading activity on Monday. Investors purchased 20,276 call options on the stock. This is an increase of approximately 392% compared to the typical daily volume of 4,119 call options.

Cree (NASDAQ:CREE) last released its earnings data on Tuesday, August 12th. The company reported $0.42 earnings per share for the quarter, beating the analysts’ 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 last year, the company posted $0.38 earnings per share. Analysts expect that Cree will post $1.96 EPS for the current fiscal year.

Other equities research analysts have also recently issued reports about the stock. Analysts at Needham & Company LLC cut their price target on shares of Cree from $59.00 to $55.00 in a research note on Wednesday. They now have a “buy” rating on the stock. Separately, analysts at Credit Agricole downgraded shares of Cree from an “outperform” rating to an “underperform” rating in a research note on Wednesday. Finally, 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. Two equities research analysts have rated the stock with a sell rating, ten have issued a hold rating, ten have issued a buy rating and one has issued a strong buy rating to the stock. Cree currently has an average rating of “Hold” and a consensus target price of $61.29.

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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