Microchip Technology (MCHP) PT Lowered to $85 at Piper Sandler

Piper Sandler analyst Harsh Kumar lowered the price target on Microchip Technology (NASDAQ: MCHP) to $85.00 (from $100.00) while maintaining a Overweight rating.

The analyst commented, "Microchip reported earnings for the September quarter which were in-line with expectations, however guidance for the December quarter fell short. Management cited weakness largely due auto and industrial end demand coupled with inventory destocking. Outlook for the coming quarters remains uncertain as bookings and expedited orders remain lumpy which is blurring management's visibility. Additionally, MCHP's turns business outlook remains uncertain due to end demand concerns. On costs, we believe the company is set up to benefit from any upturn in markets and believe gross margin potentially has some upside in 2025 once markets inflect. Overall, we believe there is an opportunity for MCHP to benefit fundamentally as end markets improve and as such remain Overweight. PT to $85."

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