JPMorgan upgrades Cree for ‘pole position’ in electric vehicle market; stock surges

DURHAM – Shares in Cree (Nasdaq: CREE) are jumping today following positive news from Wall Street giant JPMorgan.

Shares climbed more than 4% in pre-market trading after JPMorgan said the Durham-based company is in the “pole position” when it comes to key components for the fast-growing electric vehicle sector.

Cree has refocused its business on WolfSpeed power technologies that are used for EVs.

“Cree’s ongoing capital investment plan [including a new production plant in New York and expansion in Durham] should reinforce its market dominance and provide ‘scale advantage over the next 3-5 years,'” business news site SeekingAlpha noted.

The Wall Street firm also cited Cree as a target for investors and products in “renewables and electrification.”

JPMorgan lifted its target price for Cree shares to $90 from $85 and its stock is now rated “Overweight,” up from “Neutral.”

Cree shares traded at just over $75 this morning.