UPDATE: Stifel Nicolaus Reiterates Buy Rating, Raises PT on Continued Strong LED Trends

In a report published Monday, Stifel Nicolaus analyst Jeffrey Osborne reiterated a Buy rating on

, and raised the price target from $59.00 to $70.00. In the report, Stifel Nicolaus noted, “We continue to see strong LED market adoption. We are adjusting our estimates up slightly and increasing our target price from $59 to $70 on shares of Cree as we see a sustainable trend in commercial and outdoor LED adoption and a burgeoning trend in consumer. Based on our channel checks and discussions with industry participants, we believe the company will be on the high end or above its guidance range for F4Q13 and we are increasing our estimates as a result. We remain upbeat about the pace of adoption of LEDs for general lighting and continue to believe that Cree is the primary pure play opportunity to invest in this trend.” Cree closed on Friday at $62.84.