What Wall Street analysts can give, others can take away – in this case, just one – and Cree suffered as a result.

Shares in Cree (Nasdaq: CREE) dropped 6 percent Thursday after an analyst’s downgrade.

The news helped erase gains that had pushed the Durham-based LED and semiconductor firm’s shares to a new 52-week high earlier of $33.60 this week and boost shares overall 45 percent this year.

But shares dropped to $31.54 Thursday, down $2.02.

Earlier in the day, shares fell as low as $31.30.

Deutsche Bank cut Cree to “Hold” from “Buy” but did maintain a price target of $33 per share.

“The analyst said that while he continues to see positive momentum in the LED lighting market, he believes Cree’s shares are already trading at the proper price,” The Associated Press reported.

Deutsche Bank’s analyst also said that new Cree products “appear to be performing well, there are some challenges ahead tied to a slowdown from Superstorm Sandy and a seasonal drop in its sales.” More competition is expected in the LED market, the analyst added.

[CREE ARCHIVE: Check out a decade of Cree stories as reported in WRAL Tech Wire.]