It was only last summer that MSNBC’s MadMoney guy Jim Cramer thoroughly trashed Cree (Nasdaq: CREE) as an investment. “I want you out of the stock tomorrow!” Cramer yelled at a caller.

So fast forward to this week …

Cramer praised Cree on MSNBC as delivering “very good news,” although he managed included an advice-giving caveat. The Durham-based company has been a “serial disappointment,” he said.

Meanwhile, investors have warmed to the stock as well, shooting Cree to another new 52-week high on Friday morning of $53.35. The stock has been as hot as the new bulbs stay cool – well, touchable anyway – since the announcement Tuesday before the markets opened.

And UBS, a Wall Street titan in terms of stock analysis, lifted its share target price for Cree to $51 from $45. UBS didn’t change its ranking from “Neutral,” but the boosting of the share price reflected a positive note about the company.

The hype and headlines are all about Cree’s new line of LED bulbs, one of which cracks the $10 price barrier, and will be sold at Home Depot with a 10-year guarantee.

“Cree priced its new [replacement] 40W LED bulb under $10 and its new [replacement] 60W LED bulb for $13-$14 versus average industry prices near $20,” UBS said. “We estimate Cree’s prices lower the residential LED ROI payback period to 2-3 years versus 4-5 years previously.”

The Skinny inserted brackets in the comment because the Cree bulbs don’t consume 40 watts or 60 watts.

In fact, Cree says its tests have demonstrated that the bulbs consumer 84 percent less electricity. That’s big, big savings.

Between the lower price, less electricity and longer lifespan, UBS sees a “return on investment” payback for consumers far more quickly that with previous LED bulbs.

UBS and other analysts also liked the fact that Cree was confident enough in the new products that it raised revenue projections while not slicing into those all-important profit margins.

After all, Cree is marketing the LED bulbs as the ”biggest thing since the lightbulb.”

The fact the bulbs carry the Cree name and will be available on a huge retailer’s site are also big pluses, UBS said.

Made in the USA = Jobs

A big plus for the triangle is the fact that the bulbs are being manufactured in Durham, and Cree already has hired 200 people. If the bulbs are a hit, Cree probably will hire more workers.

The LEDs also are made in Durham.

So just as U.S. government legislation is helping force the closure of traditional incandescent bulb manufacturing across the country, Cree has found a way to bring jobs back.

Testing Them Out

The great unknown, of course, is how consumers will react.

So The Skinny turned to two consumer experts – WRAL’s Monica Laliberte who leads the station’s “5 on Your Side” efforts and Mrs. Skinny, Lynda Smith.

Monica immediately found a lamp at WRAL in which to test the Cree 40-watt replacement bulb.

She immediately gave it a thumb’s up for brightness, the fact in turned on instantly rather than slowly like mercury-laden CFL bulbs, its warm glow, the price and the warranty.

The glass also doesn’t get sizzling hot. No more burned fingers.

Mrs. Skinny was attracted first by the price. That’s affordable, and she has been waiting for a reason to switch out the Smith household bulbs.

Then she liked the guarantee. Plenty of time to recoup the investment.

She liked the instant light and its warmth. A reading lamp that houses a CFL bulb goes unused when she’s reading. She’s hooked.

Different Weight, Feel

When The Skinny opened the package, two things were also apparent:

1. The Cree bulb is much, much heavier – but not in a negative way. In other words, it has a feel of substance. Not fragile.

2. The glass has a much different texture. It, too, appears to be more durable than a normal bulb.

Not that one was dropped on purpose to see if it broke – but The Skinny doesn’t think a user has to be as worried about breaking the glass when trying to change out a stubborn bulb. (Using an extender recently to reach a bulb in a ceiling fan, The Skinny managed to shatter a standard 40-watt incandescent, producing a nice shower of glass. The incident required getting out the stepladder, moving furniture, climbing skyward and using pliers to twist the fractured bulb from the socket.)

So the real test is now underway: Do they offer good light for reading?

So far, so good.

That’s the biggest test in The Skinny’s household where the Mrs. love electronic books and the Mr. devours paperbacks and hardbacks the old fashioned way.

Will consumers buy these LED creations? 

If they don’t, Cramer will probably be the first to yell “Sell!”