|Cree gets new Street-high target|
Jun. 17, 2019 6:58 AM ET|About: Cree, Inc. (CREE)|By: Brandy Betz, SA News Editor
JMP Securities raises its Cree (NASDAQ:CREE) PT from $71 to $81 and maintains a Market Outperform rating.
Last week, Cree cut its Q4 outlook due to the U.S. actions against Huawei and softer demand for LED products.
Cree shares closed Friday down 5.8% to $54.58.
Cree has a Neutral Quant rating, SA Authors' rating, and Sell Side rating.
Update with details from the note:
Analyst Joseph Osha praises Cree's expansion of its silicon carbide capacity and says a recent meeting with management left him with "more visibility into the company’s financial model."
Osha sees Cree' semi business growing 30% to 40% annually for several years.