UPDATE: Goldman Sachs Reiterates Buy Rating, Raises PT on Cree on LED Bulb Opportunity Interest

In a report published Wednesday, Goldman Sachs analyst Brian Lee reiterated a Buy rating on

, and raised the price target from $60.00 to $73.00. In the report, Goldman Sachs noted, “Since launching in March, we believe Cree's consumer LED bulbs have experienced better-than-expected sales based on our channel checks at Home Depot, particularly for the 60W version. Additionally, feedback from investors suggests interest in Cree's LED bulb opportunity is high, though overall sentiment remains divided, in our view. With a US phase-out of 40W and 60W incandescent bulbs – the largest volume lighting category – starting in 2014, our sensitivity analysis suggests potential for medium-term sales and EPS upside for Cree and we raise our CY14-CY15 estimates.” Cree closed on Tuesday at $64.20.