NEW YORK (AP) — Cree's stock rose Wednesday after the LED company's second-quarter topped beat Wall Street's expectations. Andrew Huang of Sterne, Agee & Leach said that Cree's quarterly results reflect improving fundamentals in lighting products. He maintained a "Buy" rating and increased the company's price target to $76 from $72 . Jeffrey Osborne of Stifel Nicolaus said that he likes the company's longer-term prospects, but is a bit more cautious near-term partly due to the uncertainty about spending on marketing. Canaccord Genuity's Jonathan Dorsheimer kept a "Buy" rating and trimmed Cree's price target to $74 from $76 . The analyst said that he still thinks there will be significant growth in the light-emitting diode segment and believes Cree is well positioned to take a strong share in the market. Shares of Cree gained $3.58 , or 5.7 percent, to $66.41 in midday trading.
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