Rosenblatt analyst Hans Mosesmann lowered the firm's price target on Microchip to $120 from $132 after the company negatively preannounced March quarter revenue due to impacts from the COVID-19 outbreak. The company noted that the impacts are not coming from the supply chain, but rather from customer demand, said Mosesmann, who added that the roughly 5% cut to expectations for the March quarter "was about what we expected." He keeps a Buy rating on the shares as he continues to believe the company is set up well to outperform the next up-cycle given its strong cash flow and design wins in microcontrollers and analog.

BofA raised the firm's price target on Texas Instruments (TXN) to $190 from $175 and keeps a Neutral rating on the shares. TI's small Q1 beat and inline but sequentially rising Q2 sales guidance, "while modest, potentially marks a recovery inflection in industrial chip demand," with positive read-across for U.S. peers such as Analog Devices (ADI), Microchip (MCHP), NXP Semiconductors (NXPI) and On Semiconductor (ON), the analyst tells investors. However, despite an expected recovery, TI's sustained high capex intensity could keep reported calendar year 2024-26 pro-forma EPS below $6 per share, the analyst added.

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