A brighter light turned on Cree (Nasdaq: CREE) by a Wall Street analyst triggered an 11 percent surge Friday in shares of the maker of the light-emitting diodes and silicon chips.

Yair Reiner, who works at Oppenheimer & Co., upgraded Cree to “Outperform” from “Perform.”

The news sent Cree shares up $2.21 to $28 in late afternoon trading. By the close, Cree shares hit $28.75, up $2.96  or 11.48%.

"After years of waiting and hoping, LEDs are beginning to gain traction in general lighting applications, and we believe Cree has positioned itself as a major enabler and beneficiary of this transformation," Reiner said in a note to clients, as reported by The Associated Press.

Reiner also set a target of $31 for Cree shares.

The upgrade capped a good week for Creek. It not only established two additional distributorships for its LEDS, but also announced recipient of a significant award.

Cree received the top award for recessed lighting in the 2008 Lighting for Tomorrow contest. The contest was put on by the American Lighting Association, the U.S. Department of Energy and the Consortium for Energy Efficiency.