- Goldman Sachs analyst Toshiya Hari downgraded Microchip Technology Inc MCHP to Neutral from Buy with a $79 price target (2.4% upside).
- He sees supply tightness across its MCU, analog, and FPGA franchises to support sequential revenue growth through 2022.
- Hari thinks customer bookings could moderate, notably if the evolving macro backdrop led to more muted consumer spending and industrial activity.
- Hari maintained a Buy on Advanced Micro Devices Inc AMD, with a price target of $127 (6.1% upside).
- Meanwhile, Hari removed the stock from the Conviction List.
- Hari stays constructive on AMD's ability to expand gross and operating margins. Hari expects the Street estimates to stabilize over the coming quarters.
- Price Action: AMD shares closed lower by 0.71% at $119.67, and MCHP shares closed lower by 0.67% at $77.16 on Friday.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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