Microchip price target lowered to $53 from $65 at BofA

BofA lowered the firm’s price target on Microchip (MCHP) to $53 from $65 and keeps an Underperform rating on the shares following “another sharp reduction” to FY25, FY26 and FY27 pro-forma EPS estimates of 14%, 50% and 35%, respectively, on the heels of the company’s Q3 report and Q4 guidance. While “encouraged by the exhaustive restructuring plan” and expecting to hear more specifics about operational improvements during the March 3 investor call, the firm senses “progress will likely come slow,” the analyst tells investors.