Cree (CREE) Gets a Buy Rating from Canaccord Genuity


In a report released today, 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 Tuesday at $34.87.

According to TipRanks.com, Dorsheimer is currently ranked with no stars on a 0-5 star ranking scale, with an average return of -5.7% and a 37.5% success rate. Dorsheimer covers the Technology sector, focusing on stocks such as Stmicroelectronics, IPG Photonics, and Plug Power.

The word on The Street in general, suggests a Moderate Buy analyst consensus rating for Cree with a $43.50 average price target, which is a 24.8% upside from current levels. In a report issued on April 20, Goldman Sachs also maintained a Buy rating on the stock with a $48.00 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 1.75M.

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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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