UBS downgraded Cree, Inc. (CREE) from Buy to Neutral and cut the price target from $83 to $64. Hat tip to Street Insider for the analyst notes.

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UBS analyst’s highlighted points include: 1) Near term concern from demand air-pocket in consumer electronics LEDs; 2) But general lighting LED opportunity still showing signs of strong growth; and 3) Lowering estimates to account for less spot market sales of LED chips (FY11 and FY12 EPS estimates are $2.41 and $3.32 versus $2.50 and $3.49, previously).”

Shares of CREE are down nearly 4% today but holding the June lows just below $58 for now.