TD Cowen lowered the firm’s price target on Microchip (MCHP) to $60 from $75 and keeps a Hold rating on the shares. The firm said they printed a beat/modest raise, in-line with peers, likely disappointing investors hoping for more upside on the recovery. While bookings and demand are trending favorably, underutilization charges and inventory write-downs continue to weigh on gross margins.
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