Wolfspeed Analysts Lower Their Forecasts After Q4 Results

Wolfspeed, Inc. WOLF reported a loss for its fourth-quarter on Wednesday.

Wolfspeed reported quarterly losses of 89 cents per share, missing the consensus estimate of losses of 84 cents per share, and revenue of $200.7 million for the quarter, also missing the Street estimate. Fiscal-year losses of $2.59 per share and full-year revenue of $807.2 million both missed the analyst consensus estimates, as well.

"We have two priorities we are focused on: optimizing our capital structure for both the near term and long term and driving performance in our state-of-the-art, 200-millimeter fab, and this quarter was a step forward on both of these priorities," said Wolfspeed CEO, Gregg Lowe.

Wolfspeed sees first-quarter losses of between $1.09 and 90 cents per share, versus the estimate of losses of 84 cents, and revenue in a range of $185 million to $215 million, versus the $201.2 million estimate.

Wolfspeed shares fell 5% to trade at $12.83 on Thursday.

These analysts made changes to their price targets on Wolfspeed following earnings announcement.

• Mizuho analyst Vijay Rakesh maintained Wolfspeed with a Neutral and lowered the price target from $28 to $17.
• Piper Sandler analyst Harsh Kumar maintained the stock with an Overweight, while cutting the price target from $35 to $20.
• Susquehanna analyst Christopher Rolland maintained Wolfspeed with a Neutral and lowered the price target from $23 to $16.
• TD Cowen analyst Matthew Ramsay maintained the stock with a Hold and lowered the price target from $25 to $15.

Considering buying WOLF stock? Here’s what analysts think: