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Cree (NASDAQ:CREE) was downgraded by Zacks from a “neutral” rating to an “underperform” rating in a research report issued to clients and investors on Tuesday. They currently have a $42.90 target price on the stock. Zacks‘s price target would suggest a potential downside of 4.50% from the company’s current price.

Shares of Cree (NASDAQ:CREE) traded up 1.51% during mid-day trading on Tuesday, hitting $45.5974. 1,258,006 shares of the company’s stock traded hands. Cree has a 52 week low of $43.66 and a 52 week high of $75.98. The stock’s 50-day moving average is $48.60 and its 200-day moving average is $52.49. The company has a market cap of $5.565 billion and a price-to-earnings ratio of 44.48.

Cree (NASDAQ:CREE) last issued its quarterly earnings data 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. On average, analysts predict that Cree will post $1.85 earnings per share for the current fiscal year.

CREE has been the subject of a number of other recent research reports. Analysts at TheStreet upgraded shares of Cree to a “buy” rating in a research note on Thursday, August 14th. Separately, analysts at Susquehanna reiterated a “neutral” rating on shares of Cree in a research note on Wednesday, August 13th. They now have a $42.00 price target on the stock, down previously from $50.00. Finally, analysts at JPMorgan Chase & Co. reiterated an “overweight” rating on shares of Cree in a research note on Wednesday, August 13th. They now have a $56.00 price target on the stock, down previously from $62.00. Three analysts have rated the stock with a sell rating, nine have assigned a hold rating, eleven have given a buy rating and one has assigned a strong buy rating to the stock. The company presently has an average rating of “Hold” and an average price target of $58.38.

Cree, Inc (NASDAQ:CREE) develops and manufactures semiconductor materials and devices primarily based on silicon carbide (SiC), gallium nitride (GaN) and related compounds.

To view Zacks’ full report, visit Zacks’ official website.

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