Mizuho downgraded Wolfspeed to Underperform from Neutral with a price target of $8, down from $17. The firm is citing slower expected global EV sales in the second half of 2024 and 2025, with IHS now estimating EV sales growing just 6% in 2024 after calling for growth of 33% in January, the analyst tells investors in a research note. Increasing China SiC supply up by another 50%-100% also poses a structural headwind to SiC pricing and margins, Mizuho added.
