Cree Inc (CREE) has had quite a run off the bottom in recent weeks and the run continues this morning with the stock up about another 7% on a few bullish calls. 

Morgan Keegan upgraded the stock from Market Perform to Outperform and raised the price target from just $48 to $75 a few days ago.  They said the headwinds are dissipating and than the supply/demand balance will be gone by the end of this year.  This morning the firm has added the company to its Focus List

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Oppenheimer is bullish too.  The firm published a research note this morning saying that they believe the elements for a very strong 2011 are falling into place due to a pick up China street lighting, next gen LED and LED panels picking up after Chinese New Year.  They maintain their Outperform rating and $94 price target.

Shares of CREE are up over 20% over the past few weeks, but will soon approach resistance at the 200 day moving average.