UBS analyst Timothy Arcuri lowered the firm’s price target on Microchip to $90 from $100 and keeps a Buy rating on the shares. Guidance was worse than feared, as the distribution channel remains a headwind as it’s still not working down inventory, and Microchip’s lead time commentary suggests March quarter could step down significantly again as it will rely heavily on turns, the analyst tells investors in a research note. Margins are still holding up pretty well, the firm adds.
Published first on TheFly – the ultimate source for real-time, market-moving breaking financial news. Try Now>>
See the top stocks recommended by analysts >>
Read More on MCHP:
- Options Volatility and Implied Earnings Moves Today, November 03, 2023
- Microchip price target lowered to $79 from $86 at Mizuho
- Microchip sees Q3 EPS $1.09-$1.17, consensus $1.44
- Microchip reports Q2 EPS $1.62, consensus $1.61
- Microchip raises cash dividend 33.8% year-over-year to 43.9c per share
Questions or Comments about the article? Write to editor@tipranks.com