UPDATE: Stifel Nicolaus Raises PT to $41 on Cree Following Solid F2Q13 Results

Stifel Nicolaus reiterated its Buy rating on Cree

and raised the price target from $33.00 to $36.00. Stifel Nicolaus said, "Cree reported solid F2Q13 results last night, with revenue and EPS coming in above expectations but more importantly, gross margins expanded again this quarter 170bps on both a GAAP and non-GAAP basis. We expect that as the SC3 technology continues to be designed into products and the company continues its steady introduction of new products, margins will continue to tick up. We reiterate our Buy rating on the shares and are increasing our price target from $35 to $41 on continued margin expansion and solid execution." Cree closed at $33.47 on Tuesday.