Cree (CREE): Making Progress Toward Improved Results - Oppenheimer
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Oppenheimer analyst, Colin Rusch, reiterated his Perform rating on shares of Cree (NASDAQ: CREE) after the company announced a second inquiry from the Federal Trade Commission (FTC) into its Wolfspeed sale.
The company put up solid results and guidance and is making important progress toward delivering sales growth from its lighting business as well as benefiting from the potential leverage due to its recent restructuring. However, the analyst believes it is unclear how the improved sales activity in terms of volume of quotes and pricing will flow through the P&L.
He stated "we believe management focus on leveraging its sales organization and improving its product offerings will ultimately lead to improved results. We remain on the sidelines until we have increased comfort on sales growth, but note that selling due to fears about the Wolfspeed sale falling through is likely overdone".
There is no published price target on the company at this time due to the
Shares of Cree closed at $25.20 yesterday.
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