Morgan Stanley Believes Cree (CREE) Won’t Stop Here


Morgan Stanley analyst Craig Hettenbach maintained a Buy rating on Cree (CREE) today and set a price target of $74.00. The company’s shares closed last Tuesday at $68.44, close to its 52-week high of $74.72.

According to TipRanks.com, Hettenbach is a 5-star analyst with an average return of 16.6% and a 66.0% success rate. Hettenbach covers the Technology sector, focusing on stocks such as NXP Semiconductors, Skyworks Solutions, and Texas Instruments.

Currently, the analyst consensus on Cree is a Moderate Buy with an average price target of $68.63, representing a -4.6% downside. 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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