Wolfspeed price target lowered to $8 from $11 at Morgan Stanley

Morgan Stanley lowered the firm’s price target on Wolfspeed (WOLF) to $8 from $11 and keeps an Equal Weight rating on the shares after the company “again” missed revenue targets for Mohawk Valley and “moved away from giving its normal extremely ambitious design-in and design-win numbers.” The firm, which says “the only thing that matters for the company is execution,” adjusted its FY25-26 estimates to reflect revenue and gross margin headwinds, lower capex and equity dilution.