In a report released yesterday, Jonathan Dorsheimer from Canaccord Genuity maintained a Buy rating on Cree (CREE), with a price target of $44.00. The company’s shares closed last Thursday at $34.01, close to its 52-week low of $27.78.
According to TipRanks.com, Dorsheimer has currently no stars on a ranking scale of 0-5 stars, with an average return of -7.3% and a 36.3% success rate. Dorsheimer covers the Consumer Goods sector, focusing on stocks such as SolarEdge Technologies, IPG Photonics, and Plug Power.
Cree has an analyst consensus of Moderate Buy, with a price target consensus of $41.40, which is a 32.7% upside from current levels. In a report issued on March 30, Morgan Stanley also maintained a Buy rating on the stock with a $54.00 price target.
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The company has a one-year high of $69.21 and a one-year low of $27.78. Currently, Cree has an average volume of 1.57M.
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Cree, Inc. is a manufacturer 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. The Wolfspeed segment products consists of silicon carbide (SiC) and gallium nitride (GaN) materials, power devices and RF devices based on silicon (Si) and wide bandgap semiconductor materials. The LED Products segment includes LED chips, LED components and SiC materials. The Lighting Products segment consists of LED lighting systems and bulbs for the commercial, industrial and consumer markets. The Power and RF Products segment includes power devices and RF devices. The company was founded by Calvin H. Carter Jr., John W. Palmour, F. Neal Hunter, Eric Hunter, and John Edmond in 1987 and is headquartered in Durham, NC.
