Roth MKM analyst Craig Irwin lowered the firm’s price target on Wolfspeed (WOLF) to $20 from $25 and keeps a Buy rating on the shares. The company posted a difficult Q1 result and initiated a larger restructuring than anticipated, reaching beyond the Durham fab, the analyst tells investors in a research note. Wolfspeed is reducing its headcount by 20% or about 1,000 positions vs. 500 that worked directly in the Durham fab, and the firm estimates cash charges being closer to $200M, Roth added.
Published first on TheFly – the ultimate source for real-time, market-moving breaking financial news. Try Now>>
See Insiders’ Hot Stocks on TipRanks >>
Read More on WOLF:
- Wolfspeed price target lowered to $18 from $25 at Canaccord
- Wolfspeed price target lowered to $11 from $16 at Susquehanna
- Wolfspeed price target lowered to $10 from $12 at TD Cowen
- Wolfspeed price target lowered to $18 from $20 at Piper Sandler
- Wolfspeed price target lowered to $17 from $20 at JPMorgan
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
