JPMorgan Downgrades Cree (CREE) to Underweight

October 31, 2019 4:27 AM EDT
Get Alerts CREE Hot Sheet
Price: $92.76 +1.83%

Rating Summary:
    10 Buy, 22 Hold, 7 Sell

Rating Trend: Up Up

Today's Overall Ratings:
    Up: 18 | Down: 11 | New: 8
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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."

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 $48.12 yesterday.



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