Truist lowered the firm’s price target on Microchip (MCHP) to $43 from $56 and keeps a Hold rating on the shares. The firm is adjusting its model after the company issued $1.485B in convertible preferred stock, with proceeds expected to pay down its commercial paper, the analyst tells investors in a research note. Truist estimates Microchip’s peak leverage to be 6-times on gross basis in September of 2025.
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