Goldman Sachs suspended the firm’s investment rating, price target and earnings estimates for Wolfspeed (WOLF) after the company issued a “going concern” warning. The company ended its fiscal Q3 quarter with $6.5B of debt obligations and has engaged external advisors to assist with the evaluation of strategic alternatives, the analyst tells investors in a research note. The firm says management also continued to acknowledge that demand remains weak. Goldman believes there is currently not sufficient basis for determining an investment rating on Wolfspeed.
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