TD Cowen raised the firm’s price target on Microchip (MCHP) to $55 from $35 and keeps a Hold rating on the shares. The firm notes Microchip reported a beat/raise coming out of its March Business Update. This may mark the bottom, TD Cowen argues. Microchip’s more aggressive moves to cut down on inventory, structural improvements, and refocus on product-driven innovation should bode well long term. TD Cowen stays sidelined for now given the shaky macro and what it sees as fair valuation.
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