CREE - Cree stock slips as Deutsche Bank emerges bearish on underperformance

Saying the stock has already started to underperform despite the positive EV sales backdrop, Deutsche Bank initiates a short-term Sell call on Cree (CREE) hedged against the Russell 1000 Value index.The firm notes that Cree was up 2% versus the Philadelphia Semiconductor Index's 12% gain in Q1. So far in Q2, Cree is down 8% while the SOX is up 4%.Cree does "find healthy support below $100 as a scarce play on silicon carbide, which is a genuine super-strong growth opportunity, in particular in battery EVs."Cree shares are down 2.6% to $97.46.Deutsche Bank has a Hold long-term rating on Cree. The average Wall Street analyst rating is Bullish among the 16 analysts tracked by Seeking Alpha.

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Cree stock slips as Deutsche Bank emerges bearish on underperformance