| Over a week ago | ||||
Conference call with… Conference call with management to be held on June 19 at 10 am hosted by Lake Street. | ||||
Conference call with… Conference call with management to be held on June 19 hosted by Lake Street. | ||||
Semiconductors Analyst… Semiconductors Analyst Hettenbach and Autos Analyst Jonas hold a conference call with CEO Lowe to discuss the role of Silicon Carbide in the adoption of electric vehicles on June 15 at 10 am hosted by Morgan Stanley. | ||||
Goldman Sachs analyst… Goldman Sachs analyst Brian Lee downgraded Cree to Neutral from Buy with a higher price target of $56, up from $50. There has been no change to the stock's "secular growth opportunity" story, but the recent strength in shares has made risk-reward less attractive, the analyst tells investors in a research note. Lee adds that he still believes in Cree's secular growth opportunity around "long-term growth in EV adoption and 5G infrastructure build-out", but catalysts over the near term are looking more uncertain. | ||||
| Over a month ago | ||||
JMP Securities analyst… JMP Securities analyst Joseph Osha upgraded Cree (CREE) to Outperform from Market Perform with a $74 price target, citing his valuation analysis. Osha notes that the business may not recover rapidly as the drivers pressuring its Wolfspeed revenue, namely the cessation of the Huawei relationship and a deceleration in China-centered EV demand, remain in place. However, the analyst is also positive on the "magnitude" of the opportunity of Cree's competitive position, citing the strong relationship the company has with Volkswagen (VWAGY) and its key semiconductor supplier Infineon (IFNNY) as he expects its SiC business to be supported by the company's materials. | ||||
JMP Securities analyst… JMP Securities analyst Joseph Osha upgraded Cree to Outperform from Market Perform with a $74 price target. | |
Catch up on today's… Catch up on today's top five analyst upgrades with this list compiled by The Fly: 1. Logitech (LOGI) upgraded to Neutral from Sell at UBS. 2. Ultrapar (UGP) upgraded to Buy from Neutral at Goldman Sachs with analyst Bruno Amorim saying the stock's 41% selloff year-to-date has already priced in the COVID impact on Ipiranga. 3. Green Plains (GPRE) upgraded to Buy from Hold at Jefferies with analyst Laurence Alexander saying the company has shifted to a hybrid model, with low-cost ethanol assets supporting new, higher-value grades of alternative proteins, and this is slowly being accepted by investors. 4. Fresenius Medical (FMS) upgraded to Equal Weight from Underweight at Morgan Stanley with analyst Michael Jungling saying he sees reduced risk to the company's guidance amid increasing volumes of renal replacement therapy as a COVID-19 side effect. 5. Cree (CREE) upgraded to Neutral from Underweight at JPMorgan with analyst Paul Coster saying the company's near-term prospects "look quite poor" owing to COVID-19's impact on electric vehicle demand, but Cree's transition to electric vehicles, 5G and electrification is only delayed, not stopped by the pandemic's near-term disruption. This list is just a portion of The Fly's full analyst coverage. To see The Fly's full Street Research coverage, click here. | |
JPMorgan analyst Paul… JPMorgan analyst Paul Coster upgraded Cree to Neutral from Underweight with a price target of $60, up from $40. The company's near-term prospects "look quite poor" owing to COVID-19's impact on electric vehicle demand, but Cree's transition to electric vehicles, 5G and electrification is only delayed, not stopped by the pandemic's near-term disruption, Coster tells investors in a research note. As such, the analyst anticipates strong demand for the company's Wolfspeed silicon carbide materials and power modules materializing in fiscal 2023. Cree stock looks attractively valued here, says Coster. | |
JPMorgan analyst Paul… JPMorgan analyst Paul Coster upgraded Cree to Neutral from Underweight with a $60 price target. | |
Roth Capital analyst… Roth Capital analyst Craig Irwin raised the firm's price target on Cree to $55 from $50 and keeps a Buy rating on the shares. The analyst notes that Cree reported challenged Q3 results in-line with consensus, and issued guidance reflecting building headwinds in Q4. Management confirmed auto OEMs aren't slowing plans for new BEV development while they work through their own challenges, he adds. As the leading supplier of SiC materials and devices used in BEVs, Irwin believes this gives high visibility for Cree achieving rebounding growth in a Post COVID-19 environment. |