UPDATE: Citi Color on Microchip Technology PT Decrease

Citi, which lowered its PT on shares of Microchip Technology (NASDAQ: MCHP), is providing some color on the stock.

“Sector empathy Tuesday was heightened because MCHP was an early leading indicator for the group in 2007 before the Great Recession,” Citi writes.

“The large magnitude of MCHP's downward revisions (5-pnts/7-pnts below Street Jun-Q/Sep-Q) is aggravated by MCHP's large Cons/PC exposure (estimated 53% sls) and also co-specific order deterioration that was visible in April. Recall MCHP stopped providing order data in Apr-Q, raising ire on co-specific bookings trends.”

Microchip Technology closed Tuesday at $40.73.