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.
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