Canaccord Genuity analyst Jonathan Dorsheimer maintained a Buy rating on Cree (NASDAQ: CREE) on August 3 and set a price target of $61. The company’s shares opened today at $49, close to its 52-week high of $50.68.
Dorsheimer wrote:
“Under the leadership of CEO Gregg Lowe, Cree is quietly transforming from a company focused on disrupting the lighting industry to one that supplies the necessary “arms” used to disrupt the automotive and lighting industries. While subtle, the change is profound and should allow the specialty semiconductor manufacturer to leverage its core competencies around silicon carbide (SiC) and gallium nitride (GaN), and investors to realize a more attractive return on invested capital. We believe Mr. Lowe is a unique CEO, as he leads by example. We track the progress and transformation occurring inside Cree through Glassdoor, as well as our soon-to- be-released disruption index that calibrates culture within organizations. We view these characteristics as a long game not often played by public company CEOs. When done right, we believe true disruption can occur in a meaningful way.”
According to TipRanks.com, Dorsheimer is ranked #4548 out of 4846 analysts.
The word on The Street in general, suggests a Moderate Buy analyst consensus rating for Cree with a $50 average price target.
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The company has a one-year high of $50.68 and a one-year low of $20.50. Currently, Cree has an average volume of 1.1M.
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Cree, Inc. operates as an innovator of lighting-class light emitting diode (LED) products, lighting products and semiconductor products for power and radio-frequency (RF) applications. It operates through the following segments: LED Products, Lighting Products, Power and RF Products segments.
