In a report published Monday, Canaccord Genuity reiterated its Hold rating and $37.00 price target on Cree CREE.
Canaccord Genuity noted, “We maintain our HOLD rating on CREE shares following the appointment of interim CFO Mike McDevitt to EVP and CFO. Today's appointment removes a mild overhang on the company, which had been without a permanent CFO for almost a year. Investors may be somewhat disappointed with the internal promotion as we feel that many were hoping for a more seasoned or brand-name CFO from a large and well known company.”
Cree closed on Friday at $44.18.
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