Cree (NASDAQ:CREE) Earnings Should Come in With Consensus

Cree (NASDAQ:CREE) will report earnings after close today, and Brigantine believes they'll come very close to consensus, as they're "priced to perfection" they said.

Brigantine noted, "Cree will report fQ2’11 (Dec) results on Tuesday, January 18th after the markets close. Our estimates are $0.58/ $271M, generally inline with the Street’s $0.58/ $276.6M, vs. management’s guidance of $0.56 - $0.60 on sales of $270M - $280M. Our fQ3’11 estimates are $0.53/ $276M, while Street consensus is $0.58/ $288M.

"CREE trades at 30x our CY11 EPS estimate and at 6.5x our FY11 sales estimate; most semi stocks trade at 10x – 25x their 2011 EPS estimates. Thus it appears CREE is priced to perfection, while the long-term trends for LED pricing appear unfavorable."

Brigantine Advisors maintains a "Sell" rating on Cree, which closed Friday at $63.77, losing $1.69, or 2.58 percent.