EARN25

Analyst: Wolfspeed Stock is a "Buy"

The brokerage bunch was bullish towards WOLF coming into today

Deputy Editor
Jun 24, 2022 at 9:40 AM
facebook X logo linkedin


Wolfspeed Inc (NYSE:WOLF) stock is up 7% to trade at $67.30 at last check, after Goldman Sachs upgraded it to "buy" from "neutral." The firm said WOLF's growth story within the electric vehicle (EV) space is "likely well appreciated by investors." Further, the analyst cited the equity's attractive entry point and upwards earnings inflection ahead as additional reasons for the bull note.

Coming into today, the majority of analysts were bullish on Wolfspeed stock, though there's still room for improvement. While eight call the shares a "strong buy," four still rate WOLF a "hold" or worse. Meanwhile, the 12-month consensus price target of $108.03 is already a 71.8% premium to current levels.

Shorts are chiming in as well, with short interest up 17.7% in the most recent reporting period. The 10.04 million shares sold short now make up 8.2% of CLR's available float. It would take over one week to buy back these bearish bets, at the stock's average pace of daily trading. 

Goldman Sachs makes a solid case for WOLF's attractive entry point, though, with shares down 43.7% year-to-date. The security has finished all but two of the past 10 weeks lower, with pressure from the 10-day moving average driving it to a June 16, roughly two-year low of $58.09.

 

You Don’t Need 25 Alerts -- You Need ONE You Can Trust!

That’s the idea behind Trade of the Week, Schaeffer’s newest trade alert.

Every Monday morning before the opening bell, you’ll receive a single, expertly researched trade recommendation -- built from the same proprietary research we’ve been using for over four decades.

It’s not just a signal.

It’s a plan designed for traders who are tired of jumping from alert to alert without ever finding their edge.

No juggling alerts. No switching directions mid-week. Just one clear, expertly researched trade idea -- delivered before the market even opens.

👉 JOIN RIGHT NOW FOR JUST $1 TO GET THE NEXT TRADE!