Wolfspeed price target lowered to $10 from $20 at Roth MKM

Roth MKM analyst Craig Irwin lowered the firm’s price target on Wolfspeed (WOLF) to $10 from $20 and keeps a Buy rating on the shares after its Q2 results. The firm believes that the company will see appreciation from current levels given the line of sight for another $750M in liquidity coming from $150M in asset sales, though it also contends that the medium- and longer-term forecasts for Wolfspeed likely remain volatile given deltas from the turnaround and balance sheet restructuring, the analyst tells investors in a research note.