UPDATE: Jefferies Lowers PT on Cree to $31

Jefferies is out with its report today on Cree

, lowering its PT from $40 to $31. In its report, Jefferies writes, "CREE reported in-line revenues but the stock traded down after hours on weak margins and management's conservative outlook. We reset our margin forecast and lower our PT to $31 from $40. We maintain our Buy rating." At the time of posting, shares of CREE were trading pre-market at $26.45, down 4.79% from Tuesday's close.