Wolfspeed: at risk of becoming sub-scale. Downgrading to Neutral, $18 TP.
Wolfspeed has faced multiple execution issues, leading to a delay of 2 years, with revenues expected to cross $350m per quarter in December 2025 vs. December 2023 initially. It is increasingly likely that these delays will result in share losses and that Wolfspeed will become subscale in power semis, struggling to compete against more established peers. Combined with a likely need to raise capital, putting further pressure on free cash flow, we downgrade the stock to Neutral.
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