UPDATE: Canaccord Raises PT on Cree Following Investor Tour

In a report published Monday, Canaccord Genuity analyst Jonathan Dorsheimer reiterated a Hold rating on Cree CREE, and raised the price target from $37.00 to $49.00. In the report, Dorsheimer noted, “We maintain our HOLD rating on CREE post our Asia investor tour and after performing a comprehensive teardown on the company's highly touted 60W-eq LED bulb. We believe Cree's GMs lead the shares, which based on our analysis may be nearing a plateau. As such, we would use potential near term volatility to become more constructive at lower entry points.” Cree closed on Friday at $55.28.