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.