Wolfspeed price target lowered to $7 from $11 at Susquehanna

Susquehanna lowered the firm’s price target on Wolfspeed (WOLF) to $7 from $11 and keeps a Neutral rating on the shares as part of a Q4 preview for the semiconductor group. The firm sees potential upside in data center, PC, and mobile, but says a broad-based recovery “remains choppy” on uncertain demand and uneven inventory progress. It sees elevated expectations for broad-based businesses into Q1, saying these risks will likely overshadow any modest upside in Q4.