Evercore ISI lowered the firm’s price target on Microchip (MCHP) to $95 from $101 and keeps an Outperform rating on the shares. Shares were down by 5% in aftermarket trading after the company gave a December quarter outlook that missed consensus by 10% on revenues and 34% on EPS, but the firm says it would be buyers considering Microchip is shipping 46% below consumption. The firm estimates Microchip is shipping 46% below consumption as of the September-end quarter and thus visibility is at all-time lows, but it views management’s guidance and commentary as “conservative, setting the table for upside surprises throughout 2025,” the analyst tells investors.
Published first on TheFly – the ultimate source for real-time, market-moving breaking financial news. Try Now>>
Read More on MCHP:
- Microchip price target lowered to $90 from $100 at Jefferies
- Microchip price target lowered to $90 from $95 at Susquehanna
- Microchip price target lowered to $70 from $80 at TD Cowen
- Microchip price target lowered to $85 from $100 at Piper Sandler
- Microchip price target lowered to $82 from $92 at Citi