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Fly News Breaks for October 31, 2019
Oct 31, 2019 | 08:32 EDT
JPMorgan analyst Paul Coster downgraded Cree to Underweight from Neutral with a price target of $40, down from $43. The company's "lackluster" Q2 guidance underscores a lack of near-term catalysts, Coster tells investors in a research note. Cree over the next few quarters is "locked into a technically challenging and capital-intensive manufacturing expansion," adds the analyst, who also cites valuation for the downgrade. He expects the stock to underperform the mean of his coverage in the next 6-12 months.
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