BMO Capital analyst Ambrish Srivastava lowered the firm’s price target on Wolfspeed to $80 from $85 and keeps a Market Perform rating on the shares after its Q2 results and guidance. The biggest takeaway from the quarter is that the recently provided FY24 guidance is likely not going to be met, the analyst tells investors in a research note, also stating that the company’s new fab is being pushed out by a quarter as well. Wolfspeed offers market-leading position in wide bandgap semiconductors and also stands to benefit from markets ranging from EVs to industrials, but its shares are "reasonably valued", the firm added.
Published first on TheFly
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