Microchip Technology Analysts Slash Their Forecasts After Q1 Results
Portfolio Pulse from Avi Kapoor
Microchip Technology (NASDAQ:MCHP) reported mixed Q1 results, beating earnings estimates but missing revenue expectations. The company provided a cautious Q2 outlook, leading to a 5% drop in share price. Analysts from B of A Securities, Susquehanna, and JP Morgan lowered their price targets.
August 02, 2024 | 12:46 pm
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Microchip Technology reported mixed Q1 results, beating EPS but missing revenue estimates. The company provided a cautious Q2 outlook, leading to a 5% drop in share price. Analysts from B of A Securities, Susquehanna, and JP Morgan lowered their price targets.
The mixed Q1 results, combined with a cautious Q2 outlook, have led to a 5% drop in MCHP's share price. Additionally, multiple analysts have downgraded their price targets, indicating a negative short-term impact on the stock.
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