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Analyst Rating Flashback: Cree Down 4.9% Since Downgraded 7 Days Ago (CREE)

Published on Tue, 02/26/2013 - 10:11
By Peter Chu

One week ago Cree (NASDAQ:CREE) was downgraded from Outperform to Perform at Oppenheimer. The stock closed at $43.47, which is 4.9% lower than the price one week ago ($45.72).

Cree, Inc. develops and manufactures semiconductor materials and electronic devices made from silicon carbide (SiC). The Company uses proprietary technology to make enabling compound semiconductors such as blue and green light emitting diodes, SiC crystals used in the production of unique gemstones, and SiC wafers that are sold for device production and research.

In the past 52 weeks, shares of Cree have traded between a low of $22.25 and a high of $46.88 and are now at $43.26, which is 94% above that low price. Over the last five market days, the 200-day moving average (MA) has gone up 0.6% while the 50-day MA has advanced 1.7%.

Cree (NASDAQ:CREE) defies analysts with a current price ($43.26) 10.8% above its average consensus price target of $38.58. The stock should find initial support at its 50-day moving average (MA) of $38.30 and further support at its 200-day MA of $30.07.

By Peter Chu
pchu@fnno.com