Wolfe Research analyst Chris Caso upgraded Microchip to Outperform from Peer Perform with a $105 price target. The firm says “a lot has been done” to de-risk the stock heading into Q3 results after two quarters of cuts and the negative preannouncement, though there could still be incremental risk to numbers, the analyst tells investors in a research note. The firm would be a buyer, especially on weakness, Wolfe adds.
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