Truist lowered the firm’s price target on Microchip to $83 from $102 but keeps a Buy rating on the shares. The company’s Q4 guide was well below consensus but well communicated by the management and anticipated by investors who are prepared to buy the dip, the analyst tells investors in a research note. Truist recommends that investors accumulate shares based on the company’s above-industry growth from historical M&A and shareholder friendly capital allocation.
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