Cree Downgraded At GARP Research (CREE)
GARP Research downgraded shares of Cree (NASDAQ: CREE) today from Buy to Neutral. After selling off during the first half hour of trading, Cree (CREE) has rebounded to post a pretty strong day despite the downgrade. The shares have climbed 1.51% during the trading session to $70.76. This downgrade really isn't surprising, as the stock has gained over 96% in just the last 6 months. This is a momentum stock, and I believe that if the market continues to rally, CREE will be just fine. A sell off, on the other hand, could commence profit taking in the shares, however.
Cree, Inc. develops and manufactures semiconductor materials and devices based on silicon carbide (SiC), gallium nitride (GaN) and related compounds. The Company focuses its expertise in SiC and GaN on light emitting diodes (LEDs), which consist of LED chips, LED components and LED lighting products.
