- Mizuho analyst Vijay Rakesh downgraded Microchip Technology Inc MCHP to Neutral from Buy with a price target of $160, down from $165, implying a 15.1% upside.
- Rakesh sought to be more timely defensive and selective post 150% move in the PHLX Semiconductor Sector Index (SOX) year-to-date.
- He predicted tougher auto and industrial comps with China's slowdown and insatiable order growth correction.
- Price action: MCHP shares traded lower by 2.63% at $139.77 on the last check Thursday.
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