In a report published Monday, Canaccord Genuity analyst Jonathan Dorsheimer reiterated a Hold rating on Cree CREE, and raised the price target from $37.00 to $49.00.
In the report, Dorsheimer noted, “We maintain our HOLD rating on CREE post our Asia investor tour and after performing a comprehensive teardown on the company's highly touted 60W-eq LED bulb. We believe Cree's GMs lead the shares, which based on our analysis may be nearing a plateau. As such, we would use potential near term volatility to become more constructive at lower entry points.”
Cree closed on Friday at $55.28.
Market News and Data brought to you by Benzinga APIs© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Comments
Loading...
Benzinga simplifies the market for smarter investing
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.
Join Now: Free!
Already a member?Sign in