Piper Sandler lowered the firm’s price target on Microchip (MCHP) to $65 from $85 and keeps an Overweight rating on the shares. The firm is also reducing its estimates for Microchip to reflect the excess inventory as well as the tame demand environment for the company’s key end markets of industrial and automotive. As such, Piper feels that it is looking at a trough view of revenues and earnings, and in its opinion, “we are very close to the bottom of the cycle.”
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