Cree, Inc. (NASDAQ: CREE) shares are trading lower after the company issued fourth-quarter EPS guidance below analyst estimates. JPMorgan also downgraded Cree from Neutral to Underweight with a $108 price target.
Cree reported quarterly losses of 22 cents per share, which beat the analyst consensus estimate of a loss of 23 cents per share. Cree also reported quarterly sales of $137.30 million which beat the analyst consensus estimate of $130.21 million.
Cree is involved in the manufacturing of wide bandgap semiconductor products for power and radio-frequency (RF) applications, lighting-class light-emitting diode (LED) products and lighting products.
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