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Cree shares expensive on all metrics, says Jefferies

Jefferies believes shares of Cree (CREE) are expensive on all metrics and are pricing in almost perfect execution. The firm keeps an Underperform rating on the stock with a $32 price target and thinks expectations for the company will come down. On LED peer Acuity Brands (AYI), Jefferies says it is waiting for pullbacks to get into the name and keeps a Hold rating on the stock.