Research analysts at Northland Securities began coverage on shares of Cree (NASDAQ: CREE) in a report released on Friday. The firm set an “outperform” rating and a $50.00 price target on the stock.

Shares of Cree opened at 45.23 on Friday. Cree has a one year low of $22.25 and a one year high of $46.88. The stock’s 50-day moving average is currently $41.44. The company has a market cap of $5.245 billion and a P/E ratio of 94.23.

Cree last posted its quarterly earnings results on Tuesday, January 22nd. The company reported $0.32 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.30 by $0.02. The company had revenue of $346.30 million for the quarter, compared to the consensus estimate of $331.06 million. During the same quarter in the previous year, the company posted $0.25 earnings per share. The company’s revenue for the quarter was up 13.9% on a year-over-year basis. Cree has set its Q3 guidance at $0.30-0.35 EPS. Analysts expect that Cree will post $1.29 EPS for the current fiscal year.

A number of other firms have also recently commented on CREE. Analysts at Northland Capital initiated coverage on shares of Cree in a research note to investors on Friday. They set an “outperform” rating and a $50.00 price target on the stock. Separately, analysts at Zacks upgraded shares of Cree from an “underperform” rating to a “neutral” rating in a research note to investors on Wednesday, February 20th. They now have a $47.00 price target on the stock. Finally, analysts at Stifel Nicolaus raised their price target on shares of Cree from $41.00 to $50.00 in a research note to investors on Tuesday, February 19th. They now have a “buy” rating on the stock.

Thirteen analysts have rated the stock with a buy rating, ten have given a hold rating, two have issued an underweight rating, and three have issued a sell rating to the company. The stock has an average rating of “overweight” and an average price target of $40.24.

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

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