Cree (NASDAQ: CREE)‘s stock had its “buy” rating reaffirmed by research analysts at Canaccord Genuity in a report released on Tuesday.
The analysts wrote, “This morning Cree announced 6-year CFO John Kurtzweil will be stepping down to pursue an opportunity at much smaller Extreme Networks, a provider of network infrastructure. We believe Kurtzweil’s departure highlights a longer-term shift in the business model from chips to lighting fixtures. We will continue to dig into any potential additional reasons for the departure, however we see this announcement as a momentum killer and a reversal in shares is expected in the near term.”
Shares of Cree traded down 6.50% during mid-day trading on Tuesday, hitting $27.20. Cree has a 52 week low of $20.25 and a 52 week high of $33.45. The company has a market cap of $3.145 billion and a P/E ratio of 60.86.
Cree last announced its earnings results on Tuesday, April 17th. The company reported $0.20 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.21 by $0.01. The company’s revenue for the quarter was up 29.9% on a year-over-year basis. On average, analysts predict that Cree will post $0.28 earnings per share next quarter.
Other equities research analysts have also recently issued reports about the stock. Analysts at Susquehanna initiated coverage on shares of Cree in a research note to investors on Friday. They set a “positive” rating on the stock. Separately, analysts at Stifel Nicolaus initiated coverage on shares of Cree in a research note to investors on Thursday, May 10th. They set a “buy” rating and a $38.00 price target on the stock. Finally, analysts at GARP Research reiterated a “buy” rating on shares of Cree in a research note to investors on Friday, April 20th.
Cree, Inc. (Cree) develops and manufactures semiconductor materials and devices primarily based on silicon carbide (SiC), gallium nitride (GaN) and related compounds.
