Wolfspeed shares are trading lower after the company reported worse-than-expected Q3 revenue results. Also, TD Cowen downgraded the stock from Buy to Hold and Mizuho lowered its price target from $30 to $27.
Portfolio Pulse from Benzinga Newsdesk
Wolfspeed's shares dropped following disappointing Q3 revenue results. Additionally, TD Cowen downgraded the stock from Buy to Hold, and Mizuho reduced its price target from $30 to $27.
May 02, 2024 | 12:19 pm
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NEGATIVE IMPACT
Wolfspeed's stock declined due to disappointing Q3 revenue and negative analyst actions, including a downgrade and a lowered price target.
The direct mention of Wolfspeed's poor Q3 revenue performance and subsequent negative analyst actions (downgrade by TD Cowen and price target reduction by Mizuho) suggest a negative short-term impact on the stock. These factors typically lead to decreased investor confidence and can result in a drop in stock price.
CONFIDENCE 90
IMPORTANCE 90
RELEVANCE 100