Wolfspeed price target lowered to $6 from $10 at Mizuho

Mizuho analyst Vijay Rakesh lowered the firm’s price target on Wolfspeed (WOLF) to $6 from $10 and keeps an Underperform rating on the shares. The firm believes the Trump administration potentially ending the $7,500 consumer electric vehicle tax credits implies risk to U.S. EV production and sales, and silicon carbide demand. The firm says legacy auto markers could slow EV ramps in the absence of subsidies. It continues to see headwinds for Wolfspeed from increasing China competition, slower EV sales and SiC pricing, and a potential follow-on offering ahead.