Wolfspeed shares are trading lower after Wells Fargo downgraded the stock from Overweight to Equal-Weight and lowered its price target from $55 to $30.
Portfolio Pulse from Benzinga Newsdesk
Wolfspeed's stock price is trading lower following a downgrade by Wells Fargo from Overweight to Equal-Weight, accompanied by a reduction in the price target from $55 to $30.
April 03, 2024 | 1:27 pm
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Wolfspeed's stock is experiencing a decline after Wells Fargo downgraded the stock and significantly lowered its price target.
The downgrade by a major financial institution like Wells Fargo, coupled with a substantial reduction in the price target, is likely to shake investor confidence in Wolfspeed. This negative sentiment can lead to a short-term decline in the stock price as market participants adjust their expectations based on the new analyst rating and price target.
CONFIDENCE 90
IMPORTANCE 90
RELEVANCE 100