Revenue growth is a given... it's earnings that need to grow. CREE has a somewhat spotty record there, although in the past this could be attributed in part to acquisitions and integration. No more excuses now... it's showtime and they must demonstrate steady earnings growth to justify the valuation.
If this breaks support at ~53.80 then I don;t see much until a gap to fill at 45.61 from a year ago and the 200 week moving average is also down around the 45 mark. Not saying it's going to happen but if there's a market correction it's possible given that this is running at a PEG of close to 2.