摩根士丹利表示，微芯片科技的担忧“言过其实”

2025-04-21 20:28

Concerns about Microchip Technology (NASDAQ:MCHP) are “overblown,” investment firm Morgan Stanley said on Monday.
Shares fell 1.4% in premarket trading.
In discussing new CEO Steve Sanghi's 9-point restructuring plan, analyst Joseph Moore said there is “opportunity” for the semiconductor company. However, it will need to figure out a way to grow revenue, while at the same time cutting costs, which can be tricky.
“We do think that Steve Sanghi is being underrated, but with revenue headwinds we remain EW,” Moore wrote in a note to clients. “There’s opportunity here as we think certain concerns surrounding the company are overblown (GM%, [balance sheet]), but the biggest variable is revenue growth as a cyclical recovery would be an undeniable lever to EPS as well as dispel [balance sheet] worries.” He kept his Equal-Weight rating but lowered his price target to $39 from $53.
There are “considerable headwinds” that the company will have to get past, Moore explained, including increased micro competition, macro uncertainty, and regaining customer trust. If the macro uncertainty were to subside, there could be an upcycle for microcontrollers and the stock might warrant an upgrade, Moore posited.

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