Wolfspeed price target lowered to $17 from $25 at Deutsche Bank

Deutsche Bank lowered the firm’s price target on Wolfspeed to $17 from $25 and keeps a Hold rating on the shares. The firm said it is updating its forecasts to reflect the equipment incident at the Durham 150mm device facility which is set to impact sales in the September quarter, as well as major customer updates such as the ePropulsion restructuring at BorgWarner and the massive restructuring in the Electrified Powertrain Technology division at ZF. In recent months, Wolfspeed’s share price has come under significant pressure as investors worry about the company’s credit worthiness, the analyst tells investors in a research note.