Goldman Sachs analyst Brian Lee upgraded Cree to Buy with a price target of $58, saying his more in-depth field work and market analysis around the company's silicon carbide opportunity has made hime "incrementally more bullish" on its growth potential. The analyst notes that the silicon carbide market could reach $4B over the coming decade, stating that Cree is one of the unique and more pure-play ways to gain leverage to its investment theme. The analyst further cites the company's incumbency status of up to 30% market share along with its "unique vertically integrated positioning".