Wolfspeed price target lowered to $34 from $40 at BofA

BofA lowered the firm’s price target on Wolfspeed to $34 from $40 and keeps an Underperform rating on the shares. Wolfspeed reported a “modestly better” December-end quarter, but “very weak” March quarter trend on cyclical industrial weakness that is likely to persist until the end of calendar 2024, the analyst tells investors.