{"id":108166,"date":"2021-02-27T00:40:14","date_gmt":"2021-02-27T00:40:14","guid":{"rendered":"https:\/\/fin2me.com\/?p=108166"},"modified":"2021-02-27T00:40:14","modified_gmt":"2021-02-27T00:40:14","slug":"cree-cree-attempts-rebound-after-citi-upgrade","status":"publish","type":"post","link":"https:\/\/fin2me.com\/economy\/cree-cree-attempts-rebound-after-citi-upgrade\/","title":{"rendered":"Cree (CREE) Attempts Rebound After Citi Upgrade"},"content":{"rendered":"<p>Cree, Inc. (CREE) shares rose about 2% during Wednesday&#39;s session after Citi upgraded the stock to Buy and raised its price target to $160 \u2013 a 35% premium to the current market price.<\/p>\n<h3>Key Takeaways<\/h3>\n<ul>\n<li>Cree shares opened higher after Citi upgraded the stock to Buy with a $160 price target, which represents a significant 35% premium over Tuesday&#39;s closing price.<\/li>\n<li>Analyst Amanda Scarnati believes that President Biden will move to embrace electric vehicles (EVs) in a way that offsets near-term investor concerns.<\/li>\n<li>The moving average convergence divergence (MACD) is nearing a bearish crossover that could point to more downside ahead if a rebound doesn&#39;t materialize.<\/li>\n<\/ul>\n<p>Citi analyst Amanda Scarnati predicts that President Biden will detail a plan to invest $400 billion in clean energy during his inaugural State of the Union address. Restoring EV tax credits, installing a nationwide network of EV chargers, and improving battery technologies should outweigh near-term concerns over Cree&#39;s commercialization and competition.<\/p>\n<p><img decoding=\"async\" class=\"aligncenter\" src=\"https:\/\/www.investopedia.com\/thmb\/aWNJKH3_9q9x035F4IBJYSeM4DE=\/2200x1296\/filters:no_upscale():max_bytes(150000):strip_icc()\/jZMxNrrp-ae1923047cc741c6a2085a086fb90d1e.png\"><\/p>\n<p>TradingView.com<\/p>\n<p>From a technical standpoint, Cree stock briefly recouped some of its losses from earlier this week. The relative strength index (RSI) appears neutral with a reading of 55.23, but the MACD appears on the verge of a bearish crossover. These indicators suggest that the stock is still at risk of resuming its downtrend.<\/p>\n<p>Traders should watch for an ongoing move higher to retest highs of $129.90 over the coming sessions. If the stock breaks out from those levels, traders could see a move toward trendline resistance at around $132.00. If the rebound fails to materialize, traders could see a move toward trendline support at $112.00 or the 50-day moving average at $108.72.<\/p>\n<h3>Tip<\/h3>\n<p>A <strong>qualified electric vehicle credit<\/strong> can be found via Internal Revenue Code Section 30D. To receive the credit, the vehicles must be acquired for use or lease; the credit is not available for resale. In addition, the original use of the vehicle must begin with the taxpayer who uses the vehicle predominantly in the United States.<\/p>\n<h2> <span> The Bottom Line <\/span> <\/h2>\n<p>Cree shares opened higher during Wednesday&#39;s session after Citi upgraded the stock to Buy and raised its price target to $160 per share. Analyst Amanda Scarnati believes that upcoming catalysts could propel the EV sector higher and outweigh near-term investor concerns, although the MACD remains at tenuous levels that could point to a resumption of the stock&#39;s downtrend.<\/p>\n<p><em>The author holds no position in the stock(s) mentioned except through passively managed index funds.<\/em><\/p>\n<p>Source: <a href=\"https:\/\/www.investopedia.com\/cree-cree-attempts-rebound-after-citi-upgrade-5112930\" target=\"_blank\" rel=\"noopener noreferrer\">Read Full Article<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Cree, Inc. (CREE) shares rose about 2% during Wednesday&#39;s session after Citi upgraded the stock to Buy and raised its price target to $160 \u2013 [&#8230;]<\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[3],"tags":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v21.7 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Cree (CREE) Attempts Rebound After Citi Upgrade - Fin2me<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/fin2me.com\/economy\/cree-cree-attempts-rebound-after-citi-upgrade\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Cree (CREE) Attempts Rebound After Citi Upgrade - Fin2me\" \/>\n<meta property=\"og:description\" content=\"Cree, Inc. 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