| | | Piper upgrade from yesterday.
https://www.benzinga.com/amp/content/24861041
Piper Sandler analysts upgraded Wolfspeed Inc (NYSE: WOLF) to Overweight from Neutral and increased the price target to $160 from $125, implying a 33.4% upside.
"After being on the sidelines for the last few years, we feel investors should own the stock now," said Harsh Kumar, an analyst at Piper Sandler. "Wolfspeed has the best wafers that allow for a yield advantage when manufacturing large chips," Kumar said, referring to the company's 8-inch wafer line.In addition, the company's new factory in Mohawk Valley, New York, is nearly ready to roll out commercial wafers by mid-year. Piper Sandler noted it as a key driver of expansion as the company's North Carolina facility is manually oriented and meant for LED production.The analysts said they feel the valuation is more compelling after the roughly 20% pullback in the stock. Price Action: WOLF shares traded higher by 7.65% at $120.32 on the last check Monday. |
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