Wolfspeed price target lowered to $17 from $28 at Mizuho

Mizuho lowered the firm’s price target on Wolfspeed to $17 from $28 and keeps a Neutral rating on the shares. The company reported June quarter results in line with estimates and guided the September quarter flat quarter-over-quarter, with weak industrial demand and gross margins down, the analyst tells investors in a research note. The firm keeps a Neutral rating on the shares with the stock down 70% year-to-date.