Shares in light emitting diode maker Cree (Nasdaq: CREE) soared 10 percent Wednesday after two Wall Street analysts said they expected the company to perform well in 2011.

Cree closed at $64.45, up $5.95 or 10.2 percent.

Trading was heavy with some 9 million shares changing hands compared to the daily average of 4.9 million.

In late afternoon action, Cree was even higher as shares hit $64.75, up $6.21.

Oppenheimer’s Yair Reiner wrote: “We continue to see Cree as one of the most compelling long-term growth stories in tech. We view the weakness in the LCD and Chinese street lighting markets, which has weighed on investor sentiment, as a very attractive buying opportunity.”

Reiner rates Cree stock as “Outperform.”

He set a target share price of $94, according to the Associated Press.

Morgan Keegan, meanwhile, added Cree to the firm’s buy list, The Street reported.

Get the latest news alerts: Follow LTW at Twitter.