UPDATE: JPMorgan Upgrades Cree (CREE) to Neutral

May 20, 2020 4:59 AM EDT
Get Alerts CREE Hot Sheet
Price: $96.60 +2.52%

Rating Summary:
    10 Buy, 22 Hold, 7 Sell

Rating Trend: Up Up

Today's Overall Ratings:
    Up: 22 | Down: 26 | New: 45
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(Updated - May 20, 2020 5:07 AM EDT)

(updating comment)

JPMorgan analyst Paul Coster upgraded Cree (NASDAQ: CREE) from Underweight to Neutral with a price target of $60.00 (from $40.00).

The analyst comments "Though CREE is trading at massive multiples of 2020 and 2021 P/E and EV/EBITDA multiples, we think the stock is under-valued taking a longer-term view of the company's earnings power and discounting back to the current day. CREE is leading the transition to SiC based power electronics, which we view as an essential enabling platform for next generation EVs, 5G Wireless and grid infrastructure. Our Neutral Rating means we expect CREE to perform in line with the mean of our coverage universe over the next 6-12 months."

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 $49.65 yesterday.

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