I missed this earlier this morning which certainly helped push the stock significantly higher for the 2nd day in a row.  Canaccord Adams upgraded Cree Inc (CREE) from Sell to Hold and raised the price target from $17 to $29.

Hat tip to StreetInsider.com for the following analyst comment.

“Our sources in the supply chain indicate that Cree is likely to see better margins this quarter, and we expect the company could likely beat the top end of its EPS range (which was given when it preannounced higher on May 20). We also believe these trends will carry through to the following quarter, setting Cree up to raise Q3 guidance as well. This near-term tightness is supported in part by our global LED supply/demand model. We are not upgrading to BUY due to CREE’s rich valuation and its related-party sales.”

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