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Fly News Breaks for April 25, 2018
CREE
Apr 25, 2018 | 06:45 EDT
JPMorgan analyst Paul Coster says Cree last night reported solid Q3 results with "constructive" near-term guidance. The analyst raised his price target for the shares to $32 from $31 and keeps an Underweight rating on the name, however. The sequential improvement in the LED and Lighting businesses will prove unsustainable, Coster tells investors in a post-earnings research note. Cree's near-term the path to profitable growth "may be turbulent," owing to the uncertain impact of the ZTE export restrictions, product mix-shift within Wolfspeed, and fluctuating utilization rates, the analyst contends. He believes the stock remains "richly-valued."
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