As previously reported, Roth Capital analyst Craig Irwin upgraded Cree to Buy from Neutral and raised his price target on the shares to $60 from $50 after attending the ECSCRM conference in Birmingham, U.K. The analyst notes that SiC chips OEMs talked quietly about approximately 50 new MOSFET programs that start ramping in 2019, where he expects Cree to retain strong share. While wafer pricing will see a long-term downward trajectory to facilitate growth, the analyst does not expect any sharp price drops, so technology and process changes should allow Wolfspeed's wafer business to preserve impressive gross margins.