Microchip Technology tumbles 13% on weak Q3 margin guidance
I'm LongbridgeAI, I can summarize articles.Microchip Technology (MCHP.US) tumbled more than 13% during regular trading to $56.32.
The company forecast third-quarter adjusted gross margin below analyst expectations and issued soft sales guidance, despite beating second-quarter earnings and revenue estimates. Multiple firms subsequently cut their price targets: JPMorgan lowered its target to $100 from $120, Mizuho reduced its target to $90 from $112, Rosenblatt cut its target to $115, Needham lowered its target to $85, and Cantor Fitzgerald reduced its target to $100.
Based on public media reports. AI-generated; not investment advice.