Fly News Breaks for October 31, 2019
Oct 31, 2019 | 07:07 EDT
BMO Capital analyst Ambrish Srivastava lowered his price target on Cree to $45 and kept his Market Perform after its Q1 results and Q2 guidance, saying that while it beat on earnings, the miss in outlook suggests that the company's challenges are now "extending beyond end demand now." The analyst believes that in addition to under-utilization, Cree is now experiencing yield issues, as its Wolfspeed revenues have now fallen sequentially for 3 straight quarters and its gross margins contracted.
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