Wolfspeed (WOLF, Financial) announced that it has received $192.1 million in cash tax refunds through the Section 48D advanced manufacturing tax credit, with $186.5 million attributed to fiscal 2023 and 2024 alongside accrued interest. This is part of an anticipated $1 billion in total refunds, of which over $600 million is expected by fiscal 2026.
The company predicts its cash reserves to reach approximately $1.3 billion by the end of fiscal Q3. Wolfspeed reaffirmed its Q3 guidance, anticipating a non-GAAP net loss per share of $0.88 to $0.76, with revenue projected between $170 million and $200 million. The company is also considering financial avenues for its convertible notes and seeking collaborations to bolster U.S. semiconductor production. Recently, Wolfspeed's stock experienced a decline of over 49%.
Wall Street Analysts Forecast
Based on the one-year price targets offered by 14 analysts, the average target price for Wolfspeed Inc (WOLF, Financial) is $11.07 with a high estimate of $30.34 and a low estimate of $5.00. The average target implies an upside of 316.33% from the current price of $2.66. More detailed estimate data can be found on the Wolfspeed Inc (WOLF) Forecast page.
Based on the consensus recommendation from 17 brokerage firms, Wolfspeed Inc's (WOLF, Financial) average brokerage recommendation is currently 3.0, indicating "Hold" status. The rating scale ranges from 1 to 5, where 1 signifies Strong Buy, and 5 denotes Sell.
Based on GuruFocus estimates, the estimated GF Value for Wolfspeed Inc (WOLF, Financial) in one year is $55.81, suggesting a upside of 1998.12% from the current price of $2.66. GF Value is GuruFocus' estimate of the fair value that the stock should be traded at. It is calculated based on the historical multiples the stock has traded at previously, as well as past business growth and the future estimates of the business' performance. More detailed data can be found on the Wolfspeed Inc (WOLF) Summary page.
