Microchip price target lowered to $82 from $92 at Citi

Citi lowered the firm’s price target on Microchip (MCHP) to $82 from $92 and keeps a Buy rating on the shares. Microchip reported “ok results” but guided well below consensus due to continued auto and industrial weakness, the analyst tells investors in a research note. The firm believes Microchip is shipping well below demand and anticipates a strong bounce in fundamentals.