In a report released yesterday, Edward F. Snyder from Charter Equity maintained a Buy rating on Cree (CREE). The company’s shares closed last Friday at $100.22.
According to TipRanks.com, Snyder is a 5-star analyst with an average return of 28.0% and a 72.1% success rate. Snyder covers the Technology sector, focusing on stocks such as Telefonaktiebolaget LM Ericsson, Skyworks Solutions, and Texas Instruments.
The word on The Street in general, suggests a Moderate Buy analyst consensus rating for Cree with a $122.27 average price target, a 26.0% upside from current levels. In a report issued on April 28, Canaccord Genuity also maintained a Buy rating on the stock with a $126.00 price target.
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Based on Cree’s latest earnings release for the quarter ending December 31, the company reported a quarterly revenue of $127 million and GAAP net loss of $83 million. In comparison, last year the company earned revenue of $121 million and had a GAAP net loss of $54.3 million.
Based on the recent corporate insider activity of 35 insiders, corporate insider sentiment is neutral on the stock.
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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.
