Wolfspeed price target lowered to $23 from $26 at Morgan Stanley

Morgan Stanley lowered the firm’s price target on Wolfspeed to $23 from $26 and keeps an Equal Weight rating on the shares after the company announced operational updates with “slight positives but more negatives.” Wolfspeed confirmed steady progress at Mohawk Valley and Siler City, but the Durham facility faced an equipment incident that resulted in a temporary capacity reduction with expectations for a return to previously targeted levels by August, the analyst tells investors. The firm revised down its June-end and September-end quarterly estimates, though doesn’t change its forward estimates beyond the September-end quarter, the analyst noted.