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

Susquehanna lowered the firm’s price target on Microchip (MCHP) to $90 from $95 and keeps a Positive rating on the shares. The firm said they announced in-line results excluding the benefit of a legal settlement with one of its licensees, but offered weaker guidance as macro weakness and inventory correction weigh on Auto and Industrial, particularly in Europe.