Wolfspeed price target lowered to $15 from $25 at TD Cowen

TD Cowen lowered the firm’s price target on Wolfspeed to $15 from $25 and keeps a Hold rating on the shares. The firm said Wolfspeed continues to make important 200mm progress. That said, Cowen struggles with increasingly moving parts of the story, notably the change in manufacturing roadmap, liquidity/capital raise plans, and tepid demand.