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Fly News Breaks for August 26, 2019
CREE
Aug 26, 2019 | 06:03 EDT
Piper Jaffray analyst Harsh Kumar downgraded Cree to Underweight from Neutral and cut his price target for the shares to $38 from $57. The analyst reduced his estimates reducing to reflect broader weakness in the LED market and the impact of Huawei on the Cree's Wolfspeed business. He's now expecting a "flattish" second half of 2019 and early 2020, with limited gross margin expansion until June 2020. Kumar remains wary of the stock's valuation despite his positive view on the company's long-term growth prospects.
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