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.
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