Wolfspeed price target lowered to $15 from $23 at Morgan Stanley

Morgan Stanley lowered the firm’s price target on Wolfspeed to $15 from $23 and keeps an Equal Weight rating on the shares. Repeated delays have put significant strain on the company’s balance sheet and put it in a “show-me” situation on revenue and earnings, the analyst tells investors in a research note. The firm sees a maximum of $1.4B in CHIPS funding, but the funding is tied to project milestones and not a one-time check, the firm says.