Wolfspeed downgraded to Neutral from Overweight at JPMorgan

JPMorgan analyst Samik Chatterjee downgraded Wolfspeed to Neutral from Overweight with a price target of $65, down from $100. The analyst also placed the shares on "Negative Catalyst Watch." The firm sees a higher likelihood of negative catalysts in the near term relative to execution, despite its continued belief that in the long-run Wolfspeed shares offer material upside through execution on the Mohawk Valley facility as well as a favorable outlook on its addressable market opportunity relative to silicon carbide. However, the stock’s negative catalysts in the near term include challenging improvement in yields on taller boules and throughput from the Durham facility, respectively, the analyst tells investors in a research note.