Wells Fargo lowered the firm’s price target on Microchip (MCHP) to $58 from $60 and keeps an Equal Weight rating on the shares. The firm views Microchip’s Q2 results similar to analog peers and further confirming an elongated cycle recovery. Limit visibility and Microchip’s above-seasonal growth expectations for the next 3 quarters likely make for difficult quarterly setups, Wells adds.
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