UPDATE: Jefferies Color On CREE Target Decrease

Jefferies, which lowered its PT on shares of Cree Inc. (NASDAQ: CREE), is providing some color on the stock.

“Cree reported F3Q11 in line with prior guide-down and provided weak F4Q guidance. Given broken down technicals, we expect the stock to remain under pressure,” Jefferies writes.

“However, we may be closer to the bottom with guidance of sequential topline growth and slowing rate of ASP decline.”

Cree closed Tuesday at $40.81.