Cree Given Overweight Rating at JPMorgan Chase & Co

Cree, Inc (NASDAQ CREE) develops and manufactures semiconductor materials and devices primarily based on silicon carbide (SiC), gallium nitride (GaN) and related compounds.

Cree's stock had its "overweight" rating reaffirmed by JPMorgan Chase & Co. in a research note issued on Wednesday, StockRatingsNetwork reports. They currently have a $61.00 target price on the stock, down from their previous target price of $72.50. JPMorgan Chase & Co.’s target price points to a potential upside of 34.33% from the company’s current price.

Cree opened at 45.23 on Wednesday. Cree has a 52 week low of $44.52 and a 52 week high of $76.00. The stock has a 50-day moving average of $51.62 and a 200-day moving average of $57.79. The company has a market cap of $5.474 billion and a P/E ratio of 45.05. Cree also was the target of a significant growth in short interest during the month of April. As of April 30th, there was short interest totalling 13,154,114 shares, a growth of 13.6% from the April 15th total of 11,577,511 shares. Approximately 11.0% of the shares of the stock are sold short. Based on an average trading volume of 4,643,643 shares, the days-to-cover ratio is presently 2.8 days.

Cree last released its earnings data on Tuesday, April 22nd. The company reported $0.39 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.38 by $0.01. The company had revenue of $405.20 million for the quarter, compared to the consensus estimate of $407.28 million. During the same quarter in the previous year, the company posted $0.34 earnings per share. The company’s revenue for the quarter was up 16.1% on a year-over-year basis. On average, analysts predict that Cree will post $1.64 earnings per share for the current fiscal year.--iAbrasive report

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