Needham lowered the firm’s price target on Microchip to $85 from $100 but keeps a Buy rating on the shares. The company’s Q2 results were in line but its Q3 guidance was much lower, forecasting an 18% sequential decline – the largest since December quarter of 2008, the analyst tells investors in a research note. Tis is a significant de-risking event for Microchip shares, and the March quarter is now expected to be the bottom as typical seasonality acts as a natural trough, the firm added.
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