Cree Inc (CREE) is being hit with another downgrade this morning, this time from Brigantine Advisors (first I’ve heard of them) to a Sell rating due to valuation concerns.  Hat tip to StreetInsider.com for the following analyst comment:

“Based upon our checks, we believe that demand and pricing for LEDs was very robust in the December quarter, and Cree likely enjoyed strong business trends. Seasonally strong demand from Notebook PCs and LED-backlit televisions appear to have resulted in tightness of capacity across the channel. While most LED suppliers have significantly raised their capex plans for 2010, it may be a few months before that capacity comes on-line. As a result we are raising our estimates. However, even on our significantly higher estimates the stock is expensive, and furthermore seasonal trends in 1H of CY10 could result in easing of supply constraints.”

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Also getting a downgrade this morning is JA Solar (JASO) which was cut to Neutral from Buy by Broadpoint.  Shares are down about 3% premarket.