Three of the Most Oversold Stocks to Own

02:13 10/17/2018

After a ridiculous pullback in the markets, we’re finding a considerable number of bargains you may not want to overlook. Here are our top three. Cree Inc. CREE  In recent weeks, Cree plummeted from $52 to less than $34 on uneventful fourth quarter results in August 2018, as well as weakness in the semiconductor space. However, it appears the pullback was a severe overreaction, which led JP Morgan to upgrade the stock from Underweight to Neutral with a $35 price target. And it appears JP Morgan was spot on with its upgrade. Earlier today, the stock jumped more than $2 a share on earnings. In its first quarter, CREE posted a net loss of $11.1 million, or 11 cents a share, which was slightly above analyst expectations for a loss of $11 million. On an adjusted basis, it had EPS of 22 cents a share, which was far better than the 12 cents expected. Going forward, the company anticipates Q2 revenue in a range of $398 million to $418 million.

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