UPDATE: Oppenheimer Raises PT to $38 on Cree

Oppenheimer increases its price target from $34 to $38 on Outperform-rated Cree

as the company puts slow quarter and Ruud integration behind. Oppenheimer notes, "CREE reported in-line non-GAAP EPS of $0.20 and below-consensus revenues of $285M. Some disruption in the sales process ensued as the company consolidated its own lighting product and Ruud's lighting fixture sales forces. In the mix, LED product sales dropped single digit due to seasonality and lighting product sales were down 10% as the agent transition hurt near-term sales momentum. Looking to the future, CREE remains at the forefront of LED technology and we expect the company to fully integrate Ruud and deliver synergies. So any issues are now likely in the rear-view mirror with the solid state lighting age slowly but surely gaining momentum." CREE closed at $31.90 yesterday.