Wells Fargo lowered the firm’s price target on Wolfspeed to $60 from $80 and keeps an Overweight rating on the shares. The firm notes Wolfspeed reported revenue results/guidance roughly in line with expectations and reaffirmed full year 2024 revenue guide of $1.0-$1.1B. However, SEC guidance on how to treat Mohawk Valley underutilization charges and start-up costs from the JP build-out lowers the profitability view, Wells argues.
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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
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