2021-01-05 06:50:43 CREE Cree
01/05/21 01/0506:50 01/05/2106:50 | Cree downgraded to Neutral after 17% run-up at JPMorganAs previously reported, JPMorgan analyst Paul Coster downgraded Cree to Neutral from Overweight with a price target of $108, up from $98. The analyst cites valuation for the downgrade after Cree shares surged about 17% in the last month, leaving its multiple at a level that "prices in flawless execution over the next few years," Coster tells investors. While he expects headlines will "turn consistently positive" for Cree in 2021 amid the auto industry's pivot towards electrification, he also anticipates several quarters of weak earnings owing to investment in a new fab ahead of the ramp in demand, Coster added. |
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