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Fly News Breaks for August 23, 2017
CREE
Aug 23, 2017 | 07:23 EDT
As previously reported, Stephens analyst Harsh Kumar downgraded Cree to Underweight from Equal Weight following the company's Q4 earnings report, noting that profitability for the core business remains under pressure. He also believes the new business levels for the Cree lighting business may represent a plateau and that the stock's current valuation is "unsustainable." Kumar cut his price target to $16.50 from $27.50 on Cree shares, which are down nearly 10% in pre-market trading to $20.85.
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