Citi lowered the firm’s price target on Microchip to $75 from $92 and keeps a Neutral rating on the shares. The company reported mixed results and guided the December and March quarters lower as we expected due to the downturn, the analyst tells investors in a research note. The firm views this as “necessary and good in the long term given the clarity on the impact of the downturn.” It believes Microchip shares can bottom once estimates are close to bottoming.
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Read More on MCHP:
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- Microchip sees Q3 EPS $1.09-$1.17, consensus $1.44
- Microchip reports Q2 EPS $1.62, consensus $1.61
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