Cree stock price target raised to $60 from $55 at Canaccord Genuity

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Cree to supply silicon carbide wafers for STMicro

STMicroelectronics NV (STM.FR) said Tuesday that it signed a multi-year agreement with Cree Inc. CREE for Cree’s Wolfspeed silicon carbide wafers. Under the terms of the deal, Cree will supply a quarter of a billion dollars of its 150mm silicon carbide bare and epitaxial wafers to STMicroelectronics, the company said.

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