Wolfspeed price target lowered to $20 from $25 at Roth MKM

Roth MKM analyst Craig Irwin lowered the firm’s price target on Wolfspeed (WOLF) to $20 from $25 and keeps a Buy rating on the shares. The company posted a difficult Q1 result and initiated a larger restructuring than anticipated, reaching beyond the Durham fab, the analyst tells investors in a research note. Wolfspeed is reducing its headcount by 20% or about 1,000 positions vs. 500 that worked directly in the Durham fab, and the firm estimates cash charges being closer to $200M, Roth added.