Shares of LED lighting company Cree were hammered Wednesday in the wake of lower-than-expected quarterly results and a disappointing forecast, but some analysts see a chance to acquire more shares for less money.

"Buy on the dip," analyst Daniel Amir of Lazard Capital Markets wrote in a research note to investors.

"View weakness as a buying opportunity," declared analyst Theodore O'Neill of Wunderlich Securities in his note.

Cree blamed the disappointing quarter on lower-than-expected sales in Asia. That included a pause in sales of street LED lights in China, which was triggered by the recent introduction of new government specifications. In addition, Asian distributors were over-stocked with LED light bulb after their customers saw lighter-than-expected demand.

Cree shares closed at $53.63, down $9.08. The stock is down 18 percent so far this year.

Not to worry, O'Neill wrote. "While disappointing, we view the delay in the start of the Chinese street light project as a speed bump on a very fast road to adoption of solid-state lights," he declared. "The underlying economics of the conversion are exceptional. This event simply pushed demand into future quarters."