Canaccord Genuity Reiterates Hold Rating, $37 PT on Cree

In a report published Monday, Canaccord Genuity reiterated its Hold rating and $37.00 price target on 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.