CREE - Cree upgraded at Citi on ties to 'EV hype'

Citing the company's positive reaction to any electric vehicle or emission reduction news, Citi upgrades Cree (CREE) from Neutral to Buy and raises the price target from $105 to $160.Analyst Amanda Scarnati: "Notably, we believe that during President Biden’s first State of the Union he will highlight and subsequently detail his plan to invest $400B in clean energy, which includes improving battery technologies, restoring the tax credit for EVs, and installing a national network of EV chargers, which we view as positive for CREE and the EV market generally."The firm addresses three common investor concerns: converting the pipeline to revenue, the battle of the Cree's SiC market versus GaN, and the competitive landscape.Citi thinks most of the investor concerns will be outweighed by the "EV hype" over the next 12 months, especially if Cree keeps announcing design wins.Cree shares are up 2.7% pre-market to $122.Last week, Cree submitted a prospectus for an unspecified

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Cree upgraded at Citi on ties to 'EV hype'