WOLF - Wolfspeed shares tumble 7% on concerns about its electric vehicle role

Wolfspeed (NYSE:WOLF) shares fell more than 7%, Tuesday, as the semiconductor company formerly known as Cree retreated in the wake of a mixed assessment from Deutsche Bank. On Monday, DB analyst Robert Sanders raised his price target on Wolfspeed (WOLF) to $120 a share, from $105, but raised some concerns about the company's role in the market for battery-powered electric vehicles. Sanders noted that last week, Wolfspeed (WOLF) didn't raise its 2024 fiscal year sales goal of $1.5 billion from its prior analyst day in 2019, and the company's outlook for $2.1 billion in sales in 2026 is "clearly not enough for a 'hyper-growth stock'" and the suggests a growth rate that is "well below" what had been anticipated on Wall Street. Sanders also that Wolfspeed (WOLF) could see "limited market traction" due to what he called its "relative inexperience in automotive knowhow and relationships." While Wolfspeed (WOLF) lost ground

For further details see:

Wolfspeed shares tumble 7% on concerns about its electric vehicle role