UPDATE: Sterne Agee Raises PT to $64 on Cree on New LED Light Bulb

Sterne Agee maintained Cree CREE with a Buy rating and raised the price target from $48.00 to $64.00. Sterne Agee noted, "Yesterday before the open, Cree pre-announced and raised Mar Qtr revenue and EPS guidance as a result of a new family of LED light bulbs available exclusively at Home Depot. No change to gross margin guidance of 39.5%, plus or minus, which implies 5 quarters in a row of Q/Q improvement. We believe there are tailwinds for gross margin improvement through CY14." Cree closed at $51.16 on Tuesday.