Wolfspeed price target lowered to $20 from $35 at Piper Sandler

Piper Sandler analyst Harsh Kumar lowered the firm’s price target on Wolfspeed to $20 from $35 and keeps an Overweight rating on the shares. The firm notes the company reported June quarter results that were below expectations into the print, while revenue guidance for the September quarter also missed estimates. Importantly, Wolfspeed provided color on its capital spending plans on the call, which were guided down for the upcoming fiscal year by $200M.