Microchip Technology Analysts Slash Their Forecasts After Q1 Results

Microchip Technology Incorporated MCHP reported mixed first-quarter financial results on Thursday.

Microchip Technology reported quarterly earnings of 53 cents per share which beat the analyst consensus estimate of 52 cents per share. The company reported quarterly sales of $1.241 billion which missed the analyst consensus estimate of $1.242 billion.

“We delivered June 2024 quarterly results in line with our guidance as we continued to navigate a challenging macro environment in combination with our customers focusing on reducing their inventory positions based on short lead times for our products,” said Ganesh Moorthy, President and Chief Executive Officer. “Our strategic cost management actions have helped maintain financial resilience and operational efficiency in the face of a 6.4% sequential revenue decline this quarter.”

Microchip Technology said it sees second-quarter adjusted earnings of 40 cents to 46 cents per share on revenue of $1.12 billion to $1.18 billion.

Microchip Technology shares fell 5% to close at $345.82 on Thursday.

These analysts made changes to their price targets on Microchip Technology following earnings announcement.

• B of A Securities analyst Vivek Arya downgraded Microchip Technology from Buy to Neutral and lowered the price target from $110 to $90.
• Susquehanna analyst Christopher Rolland maintained the stock with a Positive rating and lowered the price target from $115 to $105.
• JP Morgan analyst Harlan Sur maintained Microchip Technology with an Overweight rating and cut the price target from $110 to $100.

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