Wolfspeed downgraded to Equal Weight from Overweight at Wells Fargo

Wells Fargo downgraded Wolfspeed (WOLF) to Equal Weight from Overweight with a price target of $30, down from $55. The downgrade reflects the difficulty in finding new silicon carbide leadership beyond Tesla (TSLA), silicon carbide wafer pricing, and how these factors impact Wolfspeed’s capital flexibility, the analyst tells investors in a research note.