Wolfspeed price target lowered to $64 from $72 at Canaccord

Canaccord lowered the firm’s price target on Wolfspeed to $64 from $72 and keeps a Buy rating on the shares. The firm said Wolfspeed reported an uneventful set of June quarter results. Revenue was stronger than expected while gross margin was at the low end of guidance. Revenue guidance for 2024 was also reiterated. Operationally, the company appeared to be on track after several quarters of difficulties. However, an accounting change has muddied the waters, making progress less than crystal clear.