Wolfspeed price target lowered to $17 from $20 at JPMorgan

JPMorgan analyst Samik Chatterjee lowered the firm’s price target on Wolfspeed (WOLF) to $17 from $20 and keeps a Neutral rating on the shares post the fiscal Q1 report. While Wolfspeed had taken one step forward entering the earnings print having announced the CHIPS Act grant in October, partly easing investor concerns relative to the balance sheet, management’s disclosures of a worsening demand backdrop relative to electric vehicles and power devices as well as materials is now likely to diminish the confidence around stabilization that was starting to build with investors, the analyst tells investors in a research note.