Barclays analyst Tom O’Malley initiated coverage of Microchip (MCHP) with an Equal Weight rating and $80 price target The company has a “more moderate correlation” with the Purchasing Managers’ Index versus ON Semiconductor (ON). Barclays is “cautiously optimistic” on an industrial recovery as PMIs turn higher but recommends a selective approach, saying each company “faces at least one unique challenge.” It believes Microchip is at risk of losing share in microcontrollers.
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