KeyBanc analyst John Vinh lowered the firm’s price target on Microchip (MCHP) to $60 from $70 and keeps an Overweight rating on the shares. The firm notes Microchip reported Q3 results that were consistent with its negative preannouncement on December 2, and guided Q4 lower.
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Read More on MCHP:
- Microchip Technology Faces Challenging Quarter in 2024
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- Microchip drops 7.7% after Q3 earnings report that misses on top and bottom line
- Microchip reports Q3 non-GAAP EPS 20c, consensus 28c
- Microchip sees Q4 non-GAAP EPS 5c-15c, consensus 27c