In a report released today, Colin Rusch from Oppenheimer maintained a Hold rating on Cree (CREE). The company’s shares opened today at $66.59, close to its 52-week high of $69.21.
According to TipRanks.com, Rusch is a 5-star analyst with an average return of 12.7% and a 51.8% success rate. Rusch covers the Industrial Goods sector, focusing on stocks such as Canadian Solar Inc, Fuelcell Energy, and SunPower Corp.
Currently, the analyst consensus on Cree is a Moderate Buy with an average price target of $64.75, implying a -2.8% downside from current levels. In a report issued on May 2, Deutsche Bank also maintained a Hold rating on the stock with a $55 price target.
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Based on Cree’s latest earnings release for the quarter ending March 31, the company reported a quarterly GAAP net loss of $228 million. In comparison, last year the company had a GAAP net loss of $241 million.
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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: Wolfspeed, LED Products, and Lighting Products.
