CREE - Cree stock gains after losing JPMorgan bear on improved valuation

Citing the improved valuation since the "lackluster" fiscal Q3 earnings report and guidance, JPMorgan upgrades Cree (CREE) from Underweight to Neutral with a $108 price target.Analyst Paul Coster says investors are "presented with a unique investment idea here: a pure-play SiC semiconductor company that today is well-polished for rapid growth in adoption of the technology in EVs, charging infrastructure, grid applications and 5G."Coster note that risks surround the timing of the ramp and if the 2023-24 timing provides time for a competitor to enter the scene at scale.Cree shares are up 1.5% pre-market to $97.15.JPMorgan took its bearish stance on Cree on April 29 after the earnings report.

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Cree stock gains after losing JPMorgan bear on improved valuation