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

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Stifel Nicolaus reiterated its Buy rating on Microchip Technology (NASDAQ: 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.

Latest Ratings for MCHP

Nov 2015Bank of AmericaInitiates Coverage onNeutral
Nov 2015B. RileyUpgradesNeutralBuy
Sep 2015JP MorganUpgradesNeutralOverweight

View More Analyst Ratings for MCHP
View the Latest Analyst Ratings

Posted-In: Stifel NicolausAnalyst Color Price Target Intraday Update Analyst Ratings


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