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Equities researchers at Needham & Company LLC dropped their target price on shares of Cree (NASDAQ:CREE) from $59.00 to $55.00 in a research report issued on Wednesday. The firm currently has a “buy” rating on the stock. Needham & Company LLC’s price objective suggests a potential upside of 11.79% from the stock’s previous close.

Other equities research analysts have also recently issued reports about the stock. Analysts at Credit Agricole downgraded shares of Cree from an “outperform” rating to an “underperform” rating in a research note on Wednesday. Separately, 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. Finally, 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. Two research analysts have rated the stock with a sell rating, ten have assigned a hold rating, ten have given a buy rating and one has given a strong buy rating to the company. The stock has an average rating of “Hold” and a consensus target price of $62.59.

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 P/E ratio of 48.81. Cree also was the target of some unusual options trading activity on Monday. Stock investors acquired 20,276 call options on the company. This represents an increase of 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 earnings per share (EPS) for the quarter, beating the 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 previous year, the company posted $0.38 earnings per share. Analysts expect that Cree will post $1.96 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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