Charter Equity Believes Cree (CREE) Still Has Room to Grow


In a report released today, Edward F. Snyder from Charter Equity maintained a Buy rating on Cree (CREE). The company’s shares closed last Tuesday at $68.44, close to its 52-week high of $74.72.

According to TipRanks.com, Snyder is a 5-star analyst with an average return of 22.0% and a 62.7% success rate. Snyder covers the Technology sector, focusing on stocks such as Skyworks Solutions, Texas Instruments, and Qualcomm.

Currently, the analyst consensus on Cree is a Moderate Buy with an average price target of $68.29, implying a -5.1% downside from current levels. In a report released yesterday, Canaccord Genuity also maintained a Buy rating on the stock with a $79.00 price target.

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The company has a one-year high of $74.72 and a one-year low of $27.77. Currently, Cree has an average volume of 1.26M.

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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.

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