UPDATE: Wedbush Raises PT on Cree on Positive Industry Momentum

In a report published on Wednesday, Wedbush analyst Craig Irwin raised the price target on Cree (NASDAQ: CREE) from $59 to $78 and maintained an Outperform rating.

In the report, Wedbush stated, "We rate shares of Cree OUTPERFORM as we believe the company will continue reporting rising margins in the Chips and Components segment, benefitting from the mix shift to new higher-margin SC3 products, rising utilization, and transitioning manufacturing to 6” wafers. At current levels, we see tangible evidence of revenue acceleration as increasingly important."

Cree closed on Tuesday at $68.55.