Wolfspeed Stock Downgraded on Lower Demand

Wolfspeed Inc (NYSE:WOLF) stock is down 4.9% to trade at $26.38 at last check, after a downgrade from Wells Fargo to "equal weight" from "overweight," and a price-target cut to $30 from $55. The analyst in coverage noted weaker-than-expected demand for silicon carbide devices, higher supplies, and the company's lack of profitability.The security has struggled with a ceiling at the $30 level since February, while pressure from its 60-day moving average has been in place since January. While the shares manage ...