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Fly News Breaks for February 9, 2017
IFNNY, CREE
Feb 9, 2017 | 06:58 EDT
JMP Securities analyst Joseph Osha downgraded Cree (CREE) to Market Perform from Outperform after the Committee on Foreign Investment in the U.S. said it is unlikely to approve the company's sale of its Wolfspeed business. The analyst finds it wise to assume that the sale to Infineon (IFNNY) is not going to occur. The increased capital spending to support Wolfspeed lowers Osha's 2017 free cash estimate for Cree by 20%. He now views the stock as fairly valued. Cree in pre-market trading is down 5%, or $1.47, to $26.48.
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