Cree, Inc. Reports Solid 4Q

Cree, Inc. (NASDAQ: CREE) reported a solid 4Q, but chip demand has slowed down from LED panel-makers which cut into the upside estimates and caused 1Q11 revenue guidance to miss expectations, according to Oppenheimer.

Oppenheimer reported that F4Q10 revenue of $265M (+13% q/q, +78% y/y) was in line with estimates from Oppenheimer ($263M), and EPS came in at $0.55 vs. $0.51 estimates as stellar gross margin of 49.9% and lower than expected taxes were evident.

Oppenheimer's estimates for Cree remain unchanged and the price target stays at $100. "Outperform" rating maintains.

Cree, Inc. closed yesterday at $68.96.