UPDATE: Jefferies Downgrades Cree to Underperform on Near-Term Outlook

Jefferies downgraded Cree CREE from Buy to Underperform. Jefferies commented, "We see Cree as well positioned to benefit from one of the strongest secular growth stories in Clean Tech, however we believe the Street is overly optimistic about revenue growth in FY2013 and see limited catalysts in the coming quarters to lead to improving multiples or increasing estimates. We advise investors to reduce exposure to the name in the next few quarters given: 1) Weak near-term market conditions and 2) Recent share appreciation." Cree closed at $32.61 on Wednesday.