Wolfspeed Analysts Slash Their Forecasts Following Q3 Results
Portfolio Pulse from Avi Kapoor
Wolfspeed, Inc. (NYSE:WOLF) reported Q3 results with a larger loss and lower sales than expected, leading to a 3.4% drop in shares. Despite missing estimates, CEO Gregg Lowe highlighted operational milestones and progress in their Mohawk Valley and North Carolina facilities. Analysts from Mizuho, Susquehanna, and TD Cowen adjusted their price targets and ratings for Wolfspeed following the earnings announcement.
May 02, 2024 | 12:45 pm
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Wolfspeed reported lower than expected Q3 earnings, leading to a 3.4% drop in share price. Analysts adjusted their price targets and ratings following the announcement.
The direct mention of Wolfspeed's worse-than-expected Q3 results and the subsequent drop in share price indicate a negative short-term impact. Analysts' adjustments to price targets and ratings further support the likelihood of a negative short-term price direction. The CEO's positive remarks on operational progress may mitigate some negative sentiment, but the immediate financial figures and analyst reactions are likely to have a more significant impact on short-term stock performance.
CONFIDENCE 90
IMPORTANCE 90
RELEVANCE 100