At least two analysts remain bullish on Cree Inc (CREE) following their earnings results last night.  Hat tip to Street Insider for the analyst comments.

===> Click Here For Your FREE Cree Technical Analysis

Piper Jaffray reiterates an Overweight rating and $88 price target.
“Although initial investor reaction is one of disappointment that Cree’s Sept ’10 revenue guidance ($270-$280m) was below consensus of $284m, we remain encouraged that its core lighting business will continue double digit growth as backlighting chip sales decline…We maintain our top line outlook but adjust the bottom line to take into account new visibility on gross margins, opex and a lower tax rate. Our FY11 EPS moves up to $2.53 from $2.33.”

Cantor Fitzgerald reiterates a Buy rating and $95 price target.
“We would aggressively accumulate shares on weakness, as we believe that the LED components business is the driving force for the company.” Cantor Fitzgerald continues to believe that Cree is the “dominant supplier of LEDs for the general illumination market.” The firm says that “we are in the very early stages of significant mass adoption of solid state lighting, and we expect that the industry will demonstrate a 35% to 45% CAGR over the next several years.”

Shares of CREE are down about 15% today, but trading around key support around the $60 level.  The June low of 57.70 is critical.  A close below that level would likely indicate it needs to undergo a much steeper correction, possibly to the $50 level.