Citi Upgrades Cree (CREE) to Buy
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Citi analyst Amanda Scarnati upgraded Cree (NASDAQ: CREE) from Neutral to Buy with a price target of $160.00 (from $105.00).
The analyst comments "We are upgrading CREE to Buy from Neutral and raising our target price to $160 from $105. We believe that over the next 12 months the stock will positively react to any governmental or industry news regarding increases to electric vehicle (EV) penetration or restriction on emissions on internal combustion engines. Notably, we believe that during President Biden’s first State of the Union he will highlight and subsequently detail his plan to invest $400B in clean energy, which includes improving battery technologies, restoring the tax credit for EVs, and installing a national network of EV chargers, which we view as positive for CREE and the EV market generally."
Shares of Cree closed at $118.83 yesterday.
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