Wells Fargo analyst Gary Mobley lowered the firm’s price target on Wolfspeed to $80 from $110 and keeps an Overweight rating on the shares. The company’s mixed second half of 23 results and lowered fiscal 2024 targets are indicative of the challenges of ramping up a 200mm SiC supply chain, inclusive of substrates needed to more completely ramp the company’s MV fab, the firm says. It also speaks to challenges competitors may face, Wells notes.
Published first on TheFly
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