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Microchip price target lowered to $90 from $100 at Jefferies

Microchip price target lowered to $90 from $100 at Jefferies

Jefferies lowered the firm’s price target on Microchip (MCHP) to $90 from $100 and keeps a Buy rating on the shares. The cycle correction is taking longer than expected given further inventory destocking and macro uncertainty, says the firm, which thinks the business should recover “at some point next year.”

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