Microchip price target lowered to $95 from $105 at B. Riley

B. Riley analyst Craig Ellis lowered the firm’s price target on Microchip to $95 from $105 and keeps a Buy rating on the shares. The company’s fiscal Q2 print was mixed versus consensus while Q3’s guide was materially below, but was telegraphed three months ago in company messaging, a subsequent stock overhang, the analyst tells investors in a research note. The firm believes Microchip’s “multi-pronged” debt reduction and cash return action via strong stock repurchase and steadily rising dividend payouts can persist.