Wolfspeed Inc. (WOLF) shares tumbled 5.83% in pre-market trading on Thursday, following a significant downgrade by analysts at Canaccord Genuity. The semiconductor company's stock faced selling pressure after Canaccord slashed its price target on Wolfspeed from $18 to $10, citing concerns over the company's prospects.
In a research note, Canaccord analysts cited several factors behind their decision to lower Wolfspeed's price target. They highlighted challenges facing the semiconductor industry, including supply chain disruptions and slowing demand, which could weigh on Wolfspeed's performance in the near term.
The pre-market plunge in Wolfspeed's shares reflects investor concerns over the company's ability to meet financial expectations and achieve growth targets. As the trading session progresses, market participants will closely monitor the stock's performance and any further updates or commentary from analysts and industry experts.
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