Piper Sandler Upgrades Cree (CREE) to Neutral

(updating comment)

Piper Sandler analyst Harsh Kumar upgraded Cree (NASDAQ: CREE) from Underweight to Neutral with a price target of $37.00.

The analyst comments "We are upgrading Cree to Neutral from Underweight. With the stock substantially off its highs, we feel the worst of the company’s end-market sentiment has been built into the current price. While some may question the current valuation (which we admit is high), we believe it is driven by the depressed near-term profitability of the company. Longer-term, we feel valuation metrics are likely to improve given 1) the large end-markets in which Cree participates and 2) the limited number of players in the silicon carbide materials or chips markets."

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 $35.46 yesterday.

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