UPDATE: Jefferies Lowers PT on Cree Inc from $46 to $38

Jefferies has published a report on Cree Inc CREE lowering the price target from $46 to $38. In the report, Jefferies wrote, "Cree's F4Q11 results exceeded Street expectation but its F1Q12 guidance was below consensus. We believe Cree has bounced off the bottom and will resume its revenue growth and margin expansion with high utilization and 6” wafer production ramp. With $1.1B cash and no debt, Cree has the best balance sheet in the Cleantech space and is one of our top picks." Jefferies rated Cree a BUY with a price target lowered from $46.00 to $38.00. Cree Inc closed Tuesday at $29.49.