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.
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Read More on MCHP:
- Microchip guidance cut the ‘right move,’ says Citi
- Microchip lowers Q3 revenue view to lower end of $1.03B-$1.1B range
- Microchip call volume above normal and directionally bullish
- Biden adding more China chip curbs, NY Times reports
- Biden admin debates on additional China chip curbs, Bloomberg says
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
