UPDATE: Stifel Nicolaus Cuts PT to $40 on Microchip Technology on Capacity Reduction

Stifel Nicolaus reiterated its Buy rating on Microchip Technology MCHP but lowered its price target from $46 to $40. Stifel Nicolaus noted, “Similar to the 2008/09 economic downturn, Microchip management has taken measures to reduce capacity and opex without causing a longer-term disruption in manufacturing. We believe this will keep the company well positioned to react quickly to the eventual new demand. Although we lowered our estimates and 12-month target price, we continue recommending investors build a position in MCHP as the semiconductor cycle finds a bottom." Microchip Technology closed at $31.91 on Thursday.
Market News and Data brought to you by Benzinga APIs
Comments
Loading...
date
ticker
name
Price Target
Upside/Downside
Recommendation
Firm
Posted In: Analyst ColorPrice TargetIntraday UpdateAnalyst RatingsInformation TechnologySemiconductorsStifel Nicolaus
Benzinga simplifies the market for smarter investing

Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.

Join Now: Free!