Cree, Inc. (CREE) Price Target Raised to $32.00 at Bank of America Corporation
Cree, Inc. (NASDAQ:CREE) had its price objective raised by Bank of America Corporation from $31.00 to $32.00 in a research report issued on Wednesday. The brokerage presently has a “neutral” rating on the LED producer’s stock. Bank of America Corporation’s price target would indicate a potential downside of 6.32% from the stock’s previous close.
A number of other research firms have also issued reports on CREE. J P Morgan Chase & Co lowered Cree from a “neutral” rating to an “underweight” rating and upped their price target for the company from $23.00 to $28.00 in a research report on Friday, October 6th. JMP Securities upped their price target on Cree from $29.00 to $41.00 and gave the company an “outperform” rating in a research report on Wednesday. Roth Capital set a $35.00 price target on Cree and gave the company a “buy” rating in a research report on Monday. TheStreet upgraded Cree from a “d+” rating to a “c-” rating in a research report on Wednesday, September 27th. Finally, Northland Securities restated a “hold” rating and issued a $28.00 price target 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 assigned a hold rating and two have given a buy rating to the company’s stock. Cree has an average rating of “Hold” and a consensus target price of $25.42.
Shares of Cree (CREE) traded up 16.43% during trading on Wednesday, hitting $34.16. The stock had a trading volume of 21,657,849 shares. The firm’s 50-day moving average is $26.28 and its 200 day moving average is $24.80. Cree has a 52-week low of $20.50 and a 52-week high of $35.46. The firm’s market cap is $3.33 billion.
Cree (NASDAQ:CREE) last announced its earnings results on Tuesday, October 17th. The LED producer reported $0.04 EPS for the quarter, meeting analysts’ consensus estimates of $0.04. Cree had a negative return on equity of 0.13% and a negative net margin of 7.17%. The business had revenue of $360.00 million during the quarter, compared to analysts’ expectations of $360.01 million. During the same quarter in the prior year, the firm earned $0.09 earnings per share. The business’s revenue was down 3.0% compared to the same quarter last year. On average, analysts expect that Cree will post $0.29 EPS for the current year.
Several institutional investors and hedge funds have recently added to or reduced their stakes in CREE. BlackRock Inc. boosted its position in shares of Cree by 13,401.9% during the first quarter. BlackRock Inc. now owns 8,080,185 shares of the LED producer’s stock worth $215,984,000 after buying an additional 8,020,340 shares during the period. Dimensional Fund Advisors LP boosted its position in shares of Cree by 13.0% during the second quarter. Dimensional Fund Advisors LP now owns 7,784,651 shares of the LED producer’s stock worth $191,893,000 after buying an additional 897,753 shares during the period. State Street Corp boosted its position in shares of Cree by 24.2% during the second quarter. State Street Corp now owns 3,688,186 shares of the LED producer’s stock worth $90,915,000 after buying an additional 717,698 shares during the period. Fairpointe Capital LLC boosted its position in shares of Cree by 8.8% during the second quarter. Fairpointe Capital LLC now owns 6,070,231 shares of the LED producer’s stock worth $149,631,000 after buying an additional 492,465 shares during the period. Finally, FIL Ltd boosted its position in shares of Cree by 37.7% during the second quarter. FIL Ltd now owns 1,382,176 shares of the LED producer’s stock worth $34,070,000 after buying an additional 378,590 shares during the period. Institutional investors and hedge funds own 91.16% of the company’s stock.
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.
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