This morning Morgan Joseph reiterated its Buy rating again on Cree Inc (CREE) just as they did in April and maintains its $100 price target (about a 50% jump from current levels).  Hat tip to Street Insider for the following analyst comment.

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“With shares trading at approximately 21x our CY2011E EPS of $2.60, excluding $9.10 in current cash per share, we believe CREE is undervalued. We estimate that Cree’s revenue should grow 62% in CY2010 and 27% in CY2011, while its non-GAAP EPS should grow 104% and 30%, respectively, during the same time. Given such high growth rates, we deem a multiple of 35x our CY2011 EPS estimate of $2.60, excluding current cash per share, more appropriate for Cree shares.”

Shares got a bit of a bump today early on, but gave most of it back as the market sold off, finishing up less than 1%.  Technically, shares are still in the process of carving out a new base and may be developing a double bottom base pattern with support around the $59 level.