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Fly News Breaks for March 3, 2020
MCHP
Mar 3, 2020 | 08:34 EDT
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.
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