Piper Sandler lowered the firm’s price target on Wolfspeed to $45 from $55 and keeps an Overweight rating on the shares following quarterly results. In the firm’s opinion, the key metric associated with Wolfspeed’s performance is the ramp of MVF and to that end, the fab delivered revenues of $12M in the December quarter. All in all, Piper is pleased that MVF is finally ramping well and has a line of sight to what appears to be a comfortable ramp to $100M per quarter by the promised December 2024 timeframe.
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