Wolfspeed price target lowered to $50 from $65 at Roth MKM

Roth MKM lowered the firm’s price target on Wolfspeed to $50 from $65 but keeps a Buy rating on the shares. The company reported a transitional quarter with the RF disposal and recent margin accounting changes clouding comparisons, which were amplified by inconsistent consensus estimates, the analyst tells investors in a research note. The choppy state of broader EV demand elevates uncertainty around future investment plans however, and Wolfspeed management is expected to move incrementally until production issues are resolved, the firm added.