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MCHP

Microchip

$71.78

-3.32 (-4.42%)

13:21
10/04/18
10/04
13:21
10/04/18
13:21

Technical Take: Microchip falls to new 52-week low

The stock was last down over 4.7% to $71.54, marking a new 52-week low. At that price next support is at $70.90 and then at the $70 area. Resistance is at $73.78. The drop follows sector downgrades both yesterday and today.

MCHP Microchip
$71.78

-3.32 (-4.42%)

10/03/18
MSCO
10/03/18
NO CHANGE
MSCO
Morgan Stanley cuts semiconductor estimates ahead of earnings season
Morgan Stanley analysts Craig Hettenbach, Joseph Moore and Vinayak Rao cut their estimates for Q4 and 2019 for several seminconductor makers to reflect what they see as the start of an inventory correction that is likely to be most pronounced in autos and industrial applications. Sentiment in the semiconductor group has quickly turned negative, which could lead to trading bounces in stocks, but if estimates start to come down as they expect, it will be difficult for stocks "to work," the analysts tells investors. The analysts lowered their price targets on Amphenol (APH) to $100 from $102, on Analog Devices (ADI) to $108 from $110, on TE Connectivity (TEL) to $102 from $107, on Microchip (MCHP) to $95 from $98, on Maxim Integrated to $59 from $60, on Qorvo (QRVO) to $72 from $75 and on Skyworks (SWKS) to $79 from $80.
09/25/18
RAJA
09/25/18
DOWNGRADE
RAJA
Market Perform
Microchip downgraded to Market Perform from Outperform at Raymond James
Raymond James analyst Chris Caso downgraded Microchip to Market Perform from Outperform based on sector cyclical concerns following checks in Asia. Caso's checks indicate there has been a negative sentiment shift during the month of September among suppliers, with several trends clearly worsening. The analyst has concluded that the the semiconductor sector has entered a cyclical downturn and has made a broad call to downgrade nearly all of his stocks under coverage. Caso believes trends at Microchip have worsened since the August earnings call and are reflected in valuation, but is not sure about the magnitude or duration of this slowdown and prefers to move to the sideline.
09/25/18
KEYB
09/25/18
INITIATION
KEYB
Sector Weight
Microchip initiated with a Sector Weight at KeyBanc
KeyBanc analyst Weston Twigg started Microchip with a Sector Weight rating. The analyst launched coverage of 10 Semiconductor names with neutral ratings saying "softening" cycle metrics, near-term demand dynamics, and trade war risks will likely present near-term headwinds for the stocks.
09/17/18
BOFA
09/17/18
DOWNGRADE
Target $95
BOFA
Neutral
Microchip downgraded to Neutral from Buy at BofA/Merrill
BofA/Merrill analyst Vivek Arya downgraded Microchip to Neutral from Buy and lowered its price target to $95 from $115 citing more balanced risk/reward, high debt leverage, and Microsemi integration risk, especially from excess channel inventory.

TODAY'S FREE FLY STORIES

LLY

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TOT

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KMPR

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DB

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SPX

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GOOG

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IBKC

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GLD

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VMW

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CRWD

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