CREE - Cree upgraded at Cowen on 5G EV market positioning

Citing the company's positioning to serve the implementation of  electric vehicle and 5G, Cowen upgrades Cree (CREE) from Market Perform to Outperform and raises the price target from $90 to $150.Analyst Karl Ackerman: "CREE's leading portfolio of next generation semiconductors positions the company well to capitalize on solving the bandwidth and cost challenges facing the implementation of 5G and electric vehicles. A robust order backlog secures the F24 model, and design-ins should catalyze growth."Cree shares are up 0.4% pre-market to $126.38.Last week, Citi upgraded Cree on its ties to the "EV hype."

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Cree upgraded at Cowen on 5G, EV market positioning