Microchip price target lowered to $87 from $90 at Stifel

Stifel lowered the firm’s price target on Microchip (MCHP) to $87 from $90 and keeps a Buy rating on the shares after the company updated its outlook for fiscal Q3 and reported that revenue is now expected to come in close to the low-end of the company’s original guidance of $1.025B due to lower turns orders than anticipated. In addition, interim CEO Steve Sanghi expressed his intention to remain in this position as long as necessary, which the firm views as “a clear positive for the stability and leadership of the company,” the analyst tells investors.