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Microchip Shares Headed Lower on J.P. Morgan Downgrade

in News on June 11, 2008 at 8:24 am PT

Microchip (MCHP) shares are headed lower in early trading after J.P. Morgan semiconductor analyst Christopher Danely cut his rating on the stock to Neutral from Overweight. In a research note, Danely says that the move reflects “a slowdown in the Chinese consumer end market and the stock’s high valuation.”