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Fly News Breaks for September 8, 2015
MCHP
Sep 8, 2015 | 06:43 EDT
JPMorgan analyst Harlan Sur upgraded Microchip Technology to Overweight saying fundamentals will stabilize over the next two quarters while shares trade at a "meaningful discount" to peers following the recent pullback. Global channel inventories should get worked down over the next one to two quarters, Sur tells investors in a research note. He sees limited downside potential from current levels and raised his price target for Microchip shares to $54 from $51.