Morgan Stanley analyst Joseph Moore lowered the firm’s price target on Microchip (MCHP) to $58 from $71 and keeps an Equal Weight rating on the shares ahead of the company reporting results after the market close on Thursday, February 6. The incremental deterioration seen in the last two quarters leaves the firm more worried on the longer term fundamentals, with excess inventory likely to weigh on the recovery and some risk that there have been revenue headwinds “above and beyond the cyclical,” the analyst tells investors in a preview.
Maximize Your Portfolio with Data Driven Insights:
- Leverage the power of TipRanks' Smart Score, a data-driven tool to help you uncover top performing stocks and make informed investment decisions.
- Monitor your stock picks and compare them to top Wall Street Analysts' recommendations with Your Smart Portfolio
Published first on TheFly – the ultimate source for real-time, market-moving breaking financial news. Try Now>>
Read More on MCHP:
- Is MCHP a Buy, Before Earnings?
- VOO ETF News, 2/4/2025
- Microchip put volume heavy and directionally bearish
- AI Daily: Microsoft, OpenAI probe DeepSeek-linked group access to data
- GOP Sen. Josh Hawley moves to halt US-China AI collaboration, Fox News says