Piper Sandler analyst Harsh Kumar says Wolfspeed’s fiscal Q4 “massively missed” Street expectations both on the quarter as well as the guidance. However, the firm stresses that the miss is almost entirely from a change in accounting where the company is now recognizing start up and underutilization costs. From a fundamental perspective, Piper feels “not much shifted materially” with Wolfspeed generating small levels of revenues at the Mohawk Valley Fab and still expecting around $100M by the June 2024 quarter on 20% utilization.
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