Cree, Inc. (CREE) Updates Q2 Earnings Guidance
Cree, Inc. (NASDAQ:CREE) updated its second quarter earnings guidance on Tuesday. The company provided earnings per share guidance of ($0.01)-$0.04 for the period, compared to the Thomson Reuters consensus earnings per share estimate of $0.07. The company issued revenue guidance of $340-360 million, compared to the consensus revenue estimate of $368.95 million.
Several research firms recently weighed in on CREE. Roth Capital set a $35.00 target price on Cree and gave the company a buy rating in a research report on Monday. J P Morgan Chase & Co downgraded Cree from a neutral rating to an underweight rating and lifted their target price for the company from $23.00 to $28.00 in a research report on Friday, October 6th. KeyCorp reiterated an equal weight rating and set a $21.00 target price on shares of Cree in a research report on Friday, August 25th. Cowen and Company set a $22.00 target price on Cree and gave the company a hold rating in a research report on Wednesday, August 23rd. Finally, Northland Securities reiterated a hold rating and set a $28.00 target price on shares of Cree in a research report on Thursday, September 28th. Six investment analysts have rated the stock with a sell rating, ten have given a hold rating and two have issued a buy rating to the stock. The stock currently has a consensus rating of Hold and a consensus price target of $24.04.
Shares of Cree, Inc. (NASDAQ:CREE) traded up 0.20% during midday trading on Tuesday, hitting $29.34. The stock had a trading volume of 2,047,611 shares. Cree, Inc. has a 52-week low of $20.50 and a 52-week high of $31.64. The stock’s market cap is $2.86 billion. The firm has a 50 day moving average price of $26.28 and a 200-day moving average price of $24.80.
Cree (NASDAQ:CREE) last issued its quarterly earnings results on Tuesday, October 17th. The LED producer reported $0.04 earnings per share for the quarter, meeting the Zacks’ consensus estimate of $0.04. The firm had revenue of $360.00 million for the quarter, compared to analyst estimates of $360.01 million. Cree had a negative net margin of 7.17% and a negative return on equity of 0.13%. Cree’s quarterly revenue was down 3.0% compared to the same quarter last year. During the same period last year, the company posted $0.09 EPS. Equities analysts predict that Cree, Inc. will post $0.29 EPS for the current fiscal year.
WARNING: “Cree, Inc. (CREE) Updates Q2 Earnings Guidance” was first published by American Banking News and is the property of of American Banking News. If you are viewing this news story on another site, it was stolen and reposted in violation of international trademark & copyright law. The original version of this news story can be read at https://www.americanbankingnews.com/2017/10/17/cree-inc-cree-updates-q2-earnings-guidance.html.
Cree Company Profile
Cree, Inc is a manufacturer of lighting-class light emitting diode (LED) products, lighting products and semiconductor products for power and radio-frequency (RF) applications. The Company’s products are focused for applications, such as indoor and outdoor lighting, video displays, transportation, electronic signs and signals, power supplies, inverters and wireless systems.
Receive News & Ratings for Cree Inc. Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Cree Inc. and related companies with MarketBeat.com's FREE daily email newsletter.