Goldman Sachs lowered the firm’s price target on Wolfspeed (WOLF) to $8 from $15 and keeps a Buy rating on the shares. The stock fell 50% last week due to market concerns around receiving CHIPS Act funding, but the company had recently stated that it can execute on its operating plan without any federal funding, the analyst tells investors in a research note. The firm notes however that it is cutting its assumed earnings multiple to 10-times from 17.5-times due to more growth uncertainty pending resolution of financing challenge.
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