Wolfspeed price target lowered to $48 from $60 at Deutsche Bank

Deutsche Bank lowered the firm’s price target on Wolfspeed (WOLF) to $48 from $60 and keeps a Hold rating on the shares after updating forecasts following the announcement in August of the sale of the RF business to Macom (MTSI) for a total consideration of $125M. With the transaction expected to close by year end, the firm now presents Wolfspeed’s financials for continuing operations excluding the RF business, the analyst noted.