Wolfspeed price target lowered to $71 from $95 at Roth MKM

Roth MKM analyst Craig Irwin lowered the firm’s price target on Wolfspeed to $71 from $95 but keeps a Buy rating on the shares. The company’s Q3 results were "decent" but its outlook was "difficult", and the firm is cutting estimates for the delayed ramp at MVF while expecting margin challenges to persist from lower yields with taller boules and an adverse mix out of Durham, the analyst tells investors in a research note. Roth MKM adds however that it would be "opportunistic buyers" on weakness and sees gross margin visibility as the most important catalyst for appreciation in the stock.