Microchip price target lowered to $90 from $95 at KeyBanc

KeyBanc lowered the firm’s price target on Microchip (MCHP) to $90 from $95 and keeps an Overweight rating on the shares. The firm notes the company has negatively preannounced results, indicating Q3 revenue is expected to be at the low end of prior guidance at $1.02B, as compared to $1.06B prior, as anticipated turns orders have been weaker than expected.