Wolfspeed downgraded to Underweight from Neutral at JPMorgan

JPMorgan downgraded Wolfspeed (WOLF) to Underweight from Neutral without a price target following the fiscal Q3 report. The company highlighted ongoing headwinds for silicon carbide products, including continued sluggish demand for industrial and energy devices as well as incremental pressures in materials, as end customers face slowing demand, the analyst tells investors in a research note. The firm says further evidence of demand headwinds amid an uncertain macro environment, higher competition, and significant changes in the management team “creates a challenging path” for Wolfspeed to achieve its target of generating positive operating cash flow in fiscal 2026.