JPMorgan Chase & Co. Analysts Give Cree (CREE) a $28.00 Price Target

Cree (NASDAQ:CREE) has been assigned a $28.00 target price by analysts at JPMorgan Chase & Co. in a research report issued to clients and investors on Wednesday. The firm presently has a “sell” rating on the LED producer’s stock. JPMorgan Chase & Co.’s price target suggests a potential downside of 13.93% from the company’s previous close.

Several other analysts have also recently issued reports on the stock. Zacks Investment Research cut shares of Cree from a “hold” rating to a “sell” rating in a research note on Monday, January 29th. Canaccord Genuity boosted their price objective on shares of Cree from $26.00 to $31.00 and gave the company a “hold” rating in a research note on Wednesday, January 24th. Oppenheimer reissued a “hold” rating on shares of Cree in a research note on Wednesday, January 24th. Deutsche Bank set a $45.00 price objective on shares of Cree and gave the company a “buy” rating in a research note on Wednesday, January 24th. Finally, Cowen set a $30.00 price objective on shares of Cree and gave the company a “hold” rating in a research note on Wednesday, January 24th. Six investment analysts have rated the stock with a sell rating, eleven have issued a hold rating and two have assigned a buy rating to the company. The stock presently has an average rating of “Hold” and a consensus target price of $30.42.

Shares of Cree (NASDAQ:CREE) traded down $0.09 on Wednesday, reaching $32.53. The company’s stock had a trading volume of 2,049,583 shares, compared to its average volume of 1,452,170. The company has a debt-to-equity ratio of 0.05, a current ratio of 4.59 and a quick ratio of 3.48. The firm has a market cap of $3,230.00, a P/E ratio of -28.54 and a beta of 0.94. Cree has a 52 week low of $20.50 and a 52 week high of $40.24.

Cree (NASDAQ:CREE) last issued its quarterly earnings results on Tuesday, January 23rd. The LED producer reported ($0.01) earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $0.01 by ($0.02). Cree had a negative net margin of 7.77% and a negative return on equity of 1.24%. The business had revenue of $367.87 million during the quarter, compared to analyst estimates of $349.62 million. During the same quarter last year, the firm posted $0.30 earnings per share. The company’s revenue was down 8.3% on a year-over-year basis. research analysts anticipate that Cree will post -0.37 earnings per share for the current year.

Institutional investors have recently made changes to their positions in the stock. Principal Financial Group Inc. boosted its position in Cree by 1.8% during the 3rd quarter. Principal Financial Group Inc. now owns 417,150 shares of the LED producer’s stock worth $11,760,000 after purchasing an additional 7,340 shares during the period. Balentine LLC boosted its position in Cree by 5,606.9% during the 3rd quarter. Balentine LLC now owns 56,555 shares of the LED producer’s stock worth $1,594,000 after purchasing an additional 55,564 shares during the period. Boothbay Fund Management LLC boosted its position in Cree by 276.4% during the 3rd quarter. Boothbay Fund Management LLC now owns 137,527 shares of the LED producer’s stock worth $3,877,000 after purchasing an additional 100,987 shares during the period. JPMorgan Chase & Co. boosted its position in Cree by 191.2% during the 2nd quarter. JPMorgan Chase & Co. now owns 37,711 shares of the LED producer’s stock worth $929,000 after purchasing an additional 24,761 shares during the period. Finally, Alpha Windward LLC purchased a new stake in Cree during the 4th quarter worth $540,000. 98.99% of the stock is owned by hedge funds and other institutional investors.

TRADEMARK VIOLATION NOTICE: This piece was first reported by American Banking News and is the property of of American Banking News. If you are viewing this piece on another site, it was illegally copied and reposted in violation of U.S. & international trademark & copyright legislation. The legal version of this piece can be read at https://www.americanbankingnews.com/2018/02/08/jpmorgan-chase-co-analysts-give-cree-cree-a-28-00-price-target.html.

About Cree

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.

Analyst Recommendations for Cree (NASDAQ:CREE)

Receive News & Ratings for Cree Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Cree and related companies with MarketBeat.com's FREE daily email newsletter.

Leave a Reply