UPDATE: Wunderlich Lowers PT on CREE to $34

Wunderlich is out with its report today on CREE CREE, lowering its PT from $40 to $34. In a note to clients, Wunderlich writes, "In the last two weeks, damaging information about the LED market has impacted Cree Inc. shares. We believe this will make it difficult for the stock to rise, thus we are lowering our price target. Our concern is that with investors looking to confirm their own negative view, there is almost nothing CREE can say when it reports next quarter that won't be viewed as a negative. This report seeks to refute key misinformation in the market that is directed at the lighting segment in general and CREE in particular. We are lowering our target to $34 from $40 and are reiterating our Hold rating." At the time of posting, shares of CREE were trading pre-market at $31.80, down 1.33% from Friday's close.