Benzinga | Jul 15, 2021 11:31AM EDT

Mizuho Downgrades Microchip Technology To Neutral; Reduced Price Target Implies 15% Upside

* Mizuho analyst Vijay Rakesh downgraded Microchip Technology Inc (NASDAQ:MCHP) to Neutral from Buy with a price target of $160, down from $165, implying a 15.1% upside.

* Rakesh sought to be more timely defensive and selective post 150% move in the PHLX Semiconductor Sector Index (SOX) year-to-date.

* He predicted tougher auto and industrial comps with China's slowdown and insatiable order growth correction.

* Price action: MCHP shares traded lower by 2.63% at $139.77 on the last check Thursday.