Jefferies Initiates Cree at Buy (CREE)

Jefferies is out with its report today on Cree (NASDAQ: CREE), initiating CREE at Buy.

In a note to clients, Jefferies writes, "Cree Inc. is the leading vertically integrated LED lighting company with the highest efficiency technology, superior brand recognition, and a strong IP portfolio. Although we anticipate end market weakness in 1H, we believe these risks are mostly priced in, and anticipate resumed industry growth in 2H11 and 2012."

At the time of posting, shares of CREE were trading pre-market at $56.18, up 1.55% from Thursday's close.