Piper Sandler analyst Harsh Kumar lowered the firm’s price target on Wolfspeed (WOLF) to $6 from $10 and keeps an Overweight rating on the shares. The firm notes the company reported March quarter results which were in line with expectations on both the top and bottom lines. The call introduced Wolfspeed’s new CEO Feurle, who believes that the company is at an inflection point with the foundations in place for a turnaround. Piper believes Wolfspeed has many steps ahead of itself to complete its turnaround but is course-correcting appropriately at this time.
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