UPDATE: JMP Securities Downgrades Cree (CREE) to Market Perform

(updating comment, correct current recommendation)

JMP Securities analyst Joseph Osha downgraded Cree (NASDAQ: CREE) from Market Outperform to Market Perform.

The analyst comments "Cree delivered in-line results and downbeat commentary during its June earnings call yesterday. We like the company’s competitive positioning and continue to believe that Cree will be the leading supplier for wide bandgap materials to the semiconductor industry for years
to come. It is also clear to us that the debate over the efficacy of silicon carbide in power applications is over. Our own analysis continues to confirm Cree’s assertion that the Wolfspeed business can be generating $1.5 billion in annual revenue by mid-2024, although we think that the business is going to be increasingly weighted toward material sales."

For an analyst ratings summary and ratings history on Cree click here. For more ratings news on Cree click here.

Shares of Cree closed at $68.44 yesterday.

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