Wolfspeed price target lowered to $18 from $20 at Piper Sandler

Piper Sandler analyst Harsh Kumar lowered the firm’s price target on Wolfspeed (WOLF) to $18 from $20 and keeps a Neutral rating on the shares. The firm notes the company reported its September quarter results with guidance that fell well short of expectations for the December quarter. The short guidance is a result of two factors, in Piper’s view, namely end demand slowdowns in the automotive market which have led to inventory buildups, and a transition of revenues from the Durham fab to the Mohawk Valley Fab.