TD Cowen analyst Matthew Ramsay lowered the firm’s price target on Wolfspeed to $50 from $72 and keeps an Outperform rating on the shares. The firm said limited contribution from the ramping MVF, and an optically painful GM hit from accounting changes drove another confusing quarter. Cowen still believes in Wolfspeed’s position in an inflecting SiC TAM, but execution and messaging need consistency.
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Read More on WOLF:
- Wolfspeed (NYSE: WOLF) Plummets on Weak Q4 and Accounting Change Worries
- Wolfspeed price target lowered to $49 from $56 at BofA
- Wolfspeed (NYSE:WOLF) Nosedives 13% amid Earnings, Guidance Disappointment
- Wolfspeed incurs $39.5M of factory startup costs in Q4
- Wolfspeed sees Q1 adjusted EPS (75c)-(60c), consensus (29c)