Cree (CREE) PT Raised to $55 at Cowen

Cowen analyst Jeffrey Osborne raised the price target on Cree (NASDAQ: CREE) to $55.00 (from $45.00) while maintaining a Market Perform rating.

The analyst commented, "Cree reported another solid quarter, but provided a F4Q19 guide that was below expectations. Auto OEM interest in SiC remains strong with the opportunity pipeline growing to $5bn. GaN demand has quickly picked up globally as 5G rollouts are already underway. Cree remains largely capacity constrained and management is set to announce a broader expansion initiative next week at PCIM in Germany."

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