Wolfspeed stock zoomed more than 29% on the chipmaker's recent positive earnings announcement.

The price target was increased by a Citi group analyst from $85 to $115.

Wolfspeed expects sales of between $232.5 million and $247.5 million this quarter.

Compared to the predicted loss per share of $0.10, Wolfspeed's reported adjusted loss per share of $0.02, was a significant improvement.

$228.5 million in revenue was reported, exceeding the market's estimate of $207.9 million once more.

Other analysts have maintained their buy recommendation for the Wolfspeed stock while raising their price objective to $120.

After struggling in the Chinese EV market, it gets impressive growth for RF chip market development.

Analysts anticipate a greater than 40% increase in revenue in both the fiscal years 2023 and 2024.

Wolfspeed had scaled up nearly 22% in last 1 year; some analysts labeled it overvalued.

Overall, Wall Street analysts grade this stock as a mild buy.