UPDATE: JPMorgan Upgrades Cree (CREE) to Overweight

November 19, 2020 3:28 AM EST
Get Alerts CREE Hot Sheet
Price: $92.41 +0.28%

Rating Summary:
    10 Buy, 22 Hold, 7 Sell

Rating Trend: Up Up

Today's Overall Ratings:
    Up: 18 | Down: 12 | New: 23
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(Updated - November 20, 2020 5:01 AM EST)

(updating comment)

JPMorgan analyst Paul Coster upgraded Cree (NASDAQ: CREE) from Neutral to Overweight with a price target of $90.00.

The analyst comments "CREE is trading at massive 2020E and 2021E P/E and EV/EBITDA multiples (CREE is currently under-earning owing to investment in SiC capacity), but we think the stock looks attractively valued for patient investors 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 nextgeneration EVs, 5G wireless, and grid infrastructure. Our Overweight rating means we expect CREE to outperform 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 $72.61 yesterday.

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