Market Overview

UPDATE: Maxim Group Downgrades Cree to Hold on Limited Upside Potential

Share:
Related CREE
Benzinga's M&A Chatter for Thursday July 14, 2016
Mid-Afternoon Market Update: Crude Oil Up 2%; Cree Shares Spike Higher

Maxim Group downgraded Cree (NASDAQ: CREE) from Buy to Hold and removed the price target of $40.00.

Maxim Group commented, "Driven less by fundamentals than valuation, we downgrade CREE to Hold, from Buy, as we believe the stock's sudden surge YTD now reflects the bulk of the potential upside we foresee in CY13. With the stock having risen over 98% since our December 14, 2011 initiation (vs. the S&P 500 +22%), we find it fully valued even as risks grow that margins and multiple soon plateau amidst CREE's strategic transition to downstream LED lighting end markets."

Cree closed at $43.75 on Monday.

Latest Ratings for CREE

DateFirmActionFromTo
Jul 2016Deutsche BankMaintainsHold
May 2016Pacific CrestInitiates Coverage onSector Perform
Apr 2016Cowen & CompanyMaintainsMarket Perform

View More Analyst Ratings for CREE
View the Latest Analyst Ratings

Posted-In: Maxim GroupAnalyst Color Downgrades Analyst Ratings

 

Related Articles (CREE)

View Comments and Join the Discussion!