JPMorgan Downgrades Cree (CREE) to Underweight
- Wall Street falls with Amazon; S&P 500 posts sixth straight month of gains
- Amazon (AMZN) Plunges After Missing Sales and Guidance Expectations, Analysts Slash PTs to Reflect Weaker Guidance
- Pinterest (PINS) Tops Profit and Sales Views, But Shares Plunges Over 20% on a Big Monthly User Miss to Prompt Two Downgrades
- 'I'm CEO.' New Book Outlines Merger Conversations Between Elon Musk and Tim Cook
- Bullard: Fed should taper this fall, go "fairly rapidly" to end early 2022
Get inside Wall Street with StreetInsider Premium. Claim your 1-week free trial here.
JPMorgan analyst Paul Coster downgraded Cree (NASDAQ: CREE) from Neutral to Underweight with a price target of $40.00 (from $43.00).
The analyst comments "We are downgrading CREE to Underweight on valuation and lack of near-term catalysts, underscored by lackluster F2Q guidance. For the next few quarters CREE is locked into a technically challenging and capital-intensive manufacturing expansion that potentially precedes by several quarters the anticipated ramp in SIC demand from the Chinese and European EV markets. Gross margins, which have taken an unanticipated dip, could remain depressed and cash-flow will remain negative through CY2020, we believe."
Shares of Cree closed at $48.12 yesterday.
Serious News for Serious Traders! Try StreetInsider.com Premium Free!
You May Also Be Interested In
- Kansai Nerolac Paints Limited (KNPL:IN) PT Raised to INR680 at Macquarie
- NS Solutions Corporation (2327:JP) (NSSXF) PT Raised to JPY4,800 at CLSA
- Flexium Interconnect (6269:TT) PT Lowered to NT$130 at Macquarie
Create E-mail Alert Related CategoriesAnalyst Comments, Analyst PT Change, Downgrades, Hot Comments, Hot Downgrades
Sign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!