Will This Upgrade Help Cree (CREE) Stock Today?

NEW YORK (TheStreet) -- Cree Inc (CREE) shares were upgraded to "buy" from "hold" by analysts at Needham on Wednesday.

The firm set a price target of $64 on the stock.

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Cree shares are up 2.7% to $57 in pre-market trading today.

The firm sees an worldwide interest in LED lighting growing and believes that Cree is positioned to be at the forefront of the growth.

"Based on strengthened demand for LED lighting, we believe CREE will deliver strong revenue and earnings growth in the coming quarters," Needham analysts said. "Longer term, we believe LED lighting is entering a phase of rapid adoption in multiple markets worldwide, and in our view CREE remains the best idea for investors to leverage this trend."

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Separately, TheStreet Ratings team rates CREE INC as a Buy with a ratings score of B-. TheStreet Ratings Team has this to say about their recommendation:

"We rate CREE INC (CREE) a BUY. This is driven by a few notable strengths, which we believe should have a greater impact than any weaknesses, and should give investors a better performance opportunity than most stocks we cover. The company's strengths can be seen in multiple areas, such as its robust revenue growth, largely solid financial position with reasonable debt levels by most measures, impressive record of earnings per share growth, compelling growth in net income and good cash flow from operations. We feel these strengths outweigh the fact that the company has had lackluster performance in the stock itself."

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