UPDATE: Maxim Lowers Price Target on Cree to $38

According to Maxim Group, Cree

price target is lowered to $38. Wunderlich Securities said that while CREE's FY2Q12 results and FY3Q guidance will likely weigh on the stock near-term, it views any declines as a buying opportunity, as its thesis rests on acceleration in revenue growth and a margin recovery in 2H12 and 2013 as LED general lighting penetration picks up steam. “Our price target dips to $38 (20x our FY14 EPS estimate), from $45; we maintain our Buy rating.” Cree closed yesterday at $23.33.