UPDATE: JPMorgan Upgrades Cree (CREE) to Neutral
- Nasdaq, S&P 500, set records as jobless claims decline
- Moderna (MRNA) Tops Q2 Street Estimates, Nabs $4.2 Billion from 199 Million Sold Vaccines That Yielded 93% Efficacy Through Six Months
- Oil rises over 1% as Mideast tensions face virus concerns
- Penn National Gaming (PENN) 'Scores' with $2 Billion Deal to Acquire theScore (SCR), Seen as 'Highly Strategic'
- Uber (UBER) Beats Estimates As Higher Labor Spend Drags on Profitability, Analysts Lower PTs but Remain Bullish
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."
Shares of Cree closed at $49.65 yesterday.
You May Also Be Interested In
- UPDATE: RBC Capital Downgrades Karyopharm Therapeutics (KPTI) to Sector Perform
- UPDATE: Morgan Stanley Upgrades Etsy (ETSY) to Equalweight
- Bio-Techne Corp. (TECH) PT Raised to $560 at Stifel
Create E-mail Alert Related CategoriesAnalyst Comments, Analyst PT Change, Upgrades
Related EntitiesJPMorgan, Earnings
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!