UPDATE: Oppenheimer Raises PT on Cree from $38 to $39

Oppenheimer reiterated an Outperform rating on Cree (NASDAQ: CREE) and raised its price target from $38 to $39.

Oppenheimer wrote, “CREE reported another in-line quarter with revenue/non-GAAP EPS of $306.8M/ $0.25. EPS beat consensus by $0.02 and was close to the high end of guidance. In F4Q12, Cree witnessed momentum returning to lighting products, strong growth in power and RF segment, and flattish LED components business. Poor visibility and a sluggish economy has kept management from more bullish guidance. We believe the current overcapacity in China and eventual consolidation may primarily benefit technology leaders such as Cree.”

Cree closed at $26.34 on Tuesday.

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