Oppenheimer analyst Colin Rusch downgraded Cree to Perform from Outperform without a price target. Management has executed well on its turnaround plan, but this is currently reflected in the shares, Rusch tells investors in a research note. He believes upside from current stock levels would require Cree to successfully compete with its customers in serving the transportation sector with power conversion devices. Citing a lack of visibility into awards from auto manufacturers and uncertainty around the LED business, Rusch steps to the sidelines with respect to Cree shares.