Microchip Technology shares are trading lower after Piper Sandler downgraded the stock from Overweight to Neutral and announced an $80 price target.
Portfolio Pulse from Benzinga Newsdesk
Microchip Technology's stock (MCHP) trades lower following a downgrade from Piper Sandler from Overweight to Neutral, with a new price target set at $80.
January 04, 2024 | 1:46 pm
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NEGATIVE IMPACT
Microchip Technology's stock price is expected to face downward pressure in the short term due to Piper Sandler's downgrade to Neutral and a lower price target of $80.
Analyst downgrades typically lead to a negative perception among investors, potentially causing a sell-off. The new price target of $80 by Piper Sandler suggests a limited upside potential or a downside risk, which can result in bearish sentiment in the short term.
CONFIDENCE 90
IMPORTANCE 85
RELEVANCE 100