UPDATE: Morgan Stanley Downgrades Cree (CREE) to Equalweight on Valuation, Remains Best Way to Play EV

(updating comment)

Morgan Stanley analyst Craig Hettenbach downgraded Cree (NASDAQ: CREE) from Overweight to Equalweight with a price target of $93.00 (from $74.00).

The analyst comments "CREE is the best way to play EVs in our coverage, but after a big move in the stock we're having difficultly underwriting upside. A repositioning of the business to its strength in SiC has been rewarded with significant multiple expansion, which also raises the bar on what Cree needs to deliver."

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 $93.50 yesterday.

You May Also Be Interested In

• Evercore ISI Downgrades Reddit (RDDT) to In Line, Removes From Tactical Outperform List
• Encompass Health Corp (EHC) PT Raised to $155 at Raymond James
• Digital Realty Trust (DLR) PT Lowered to $227 at Freedom Broker