UBS analyst Stephen Chin downgraded Cree to Sell saying he sees more downside risk to consensus earnings estimates. The analyst is more cautious in the near term after the company guided its September quarter lighting sales to down 5%-10% quarter-over-quarter as its lighting backlog is tracking behind last quarter. Chin says he may rethink his Sell rating if Cree decides to make accretive acquisitions with the $1B-plus of cash it will have after its Wolfspeed sale closes by the end of this year. The analyst lowered his price target for Cree shares to $21 from $24.50 following the company's Q4 results.