Cree (CREE) PT Set at $28.00 by J P Morgan Chase & Co

Cree (NASDAQ:CREE) has been assigned a $28.00 price target by equities researchers at J P Morgan Chase & Co in a research note issued on Tuesday. The firm presently has a “sell” rating on the LED producer’s stock. J P Morgan Chase & Co’s target price points to a potential downside of 25.59% from the company’s previous close.

Other equities analysts also recently issued reports about the stock. Roth Capital set a $29.00 price target on shares of Cree and gave the stock a “buy” rating in a research note on Tuesday, August 22nd. JMP Securities set a $41.00 price target on shares of Cree and gave the stock a “buy” rating in a research note on Wednesday, October 18th. Deutsche Bank raised shares of Cree from a “hold” rating to a “buy” rating and increased their price target for the stock from $26.00 to $45.00 in a research note on Monday, November 6th. TheStreet raised shares of Cree from a “d+” rating to a “c-” rating in a research note on Wednesday, September 27th. Finally, KeyCorp reissued an “equal weight” rating and issued a $21.00 price target on shares of Cree in a research note on Friday, August 25th. Eight research analysts have rated the stock with a sell rating, seven have assigned a hold rating and three have assigned a buy rating to the company’s stock. The company has a consensus rating of “Hold” and an average target price of $27.50.

Shares of Cree (NASDAQ:CREE) traded down $2.00 during trading hours on Tuesday, hitting $37.63. 2,705,000 shares of the stock traded hands, compared to its average volume of 1,388,329. The company has a quick ratio of 3.61, a current ratio of 4.82 and a debt-to-equity ratio of 0.06. 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 data on Tuesday, October 17th. The LED producer reported $0.04 EPS for the quarter, meeting the consensus estimate of $0.04. The firm had revenue of $360.00 million during the quarter, compared to the consensus estimate of $360.01 million. Cree had a negative net margin of 8.42% and a negative return on equity of 0.44%. The company’s quarterly revenue was down 3.0% compared to the same quarter last year. During the same period in the prior year, the firm posted $0.09 earnings per share. equities analysts anticipate that Cree will post -0.27 earnings per share for the current year.

Several large investors have recently bought and sold shares of the company. Principal Financial Group Inc. boosted its holdings in Cree by 1.8% in the third 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 last quarter. Zacks Investment Management purchased a new stake in Cree in the second quarter worth approximately $1,069,000. Alliancebernstein L.P. boosted its holdings in Cree by 108.4% in the second quarter. Alliancebernstein L.P. now owns 155,105 shares of the LED producer’s stock worth $3,823,000 after purchasing an additional 80,681 shares during the last quarter. BlackRock Inc. boosted its holdings in Cree by 26.8% in the second quarter. BlackRock Inc. now owns 10,245,032 shares of the LED producer’s stock worth $252,541,000 after purchasing an additional 2,164,847 shares during the last quarter. Finally, Arizona State Retirement System boosted its holdings in Cree by 1.2% in the second quarter. Arizona State Retirement System now owns 41,000 shares of the LED producer’s stock worth $1,011,000 after purchasing an additional 500 shares during the last quarter. Hedge funds and other institutional investors own 98.74% of the company’s stock.

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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.

Analyst Recommendations for Cree (NASDAQ:CREE)