Wolfspeed price target lowered to $65 from $71 at Roth MKM

Roth MKM lowered the firm’s price target on Wolfspeed to $65 from $71 but keeps a Buy rating on the shares. The company’s Q4 results were “muddy” as it moved the accounting for factory start-up costs from the other operating expense line into cost of goods sold, the analyst tells investors in a research note. The firm adds however that it would buy the stock on capitulation as its margins now face “stairstep improvement”, with Mohawk Valley and John Palmour facilities now “ratably commissioned”.