Microchip price target lowered to $85 from $90 at Susquehanna

Susquehanna lowered the firm’s price target on Microchip (MCHP) to $85 from $90 and keeps a Positive rating on the shares. The firm said they announced better results, but in-line guidance as the business recovers strongly from the 1Q bottom. Per the company’s intra-quarter guidance raise, Microchip experienced a clear pickup in demand as nearly all KPIs showed meaningful improvements. Both direct and distribution sales increased sequentially for the first time in two years.