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Fly News Breaks for August 21, 2019
CREE
Aug 21, 2019 | 08:21 EDT
BMO Capital analyst Ambrish Srivastava lowered his price target on Cree to $50 after its below-consensus Q1 guidance, saying the issues impacting the company appear to go "far beyond" Huawei component export restrictions. The analyst notes that the China EV market is "putting another big dent" in Cree's SiC business, while its LED weakness appears to have no end in sight. Srivastava sees the company's gross margins getting "crushed" to 30.8% as he lowers his FY20 EPS view to (4c) from 88c and keeps his Market Perform rating on Cree.
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