Microchip Technology down as BofA cuts to 'underperform'
** Chipmaker Microchip Technology's MCHP.O shares down 1.3% at $59.11
** BofA Securities downgrades company's shares to "underperform" from "neutral" and lowers price objective to $65 from $80
** MCHP's second earnings miss within a month, CEO transition, high inventory, announced closure of Arizona fab and return of CHIPS Act funds all suggest a lack of any meaningful demand recovery near-term - brokerage
** Auto and industrial chipmakers are all exposed to severe downturn from weak global demand and high customer inventories - brokerage
** Average rating of 25 brokerages covering the stock is "buy," median PT $86 - LSEG
** As of last close, stock down ~34% this year
Reporting by Jaspreet Singh in Bengaluru
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