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Intel is reportedly planning to cut over 20% of its workforce as part of a restructuring effort led by new CEO Lip-Bu Tan, who aims to streamline operations and focus on engineering. This move follows a pattern of significant layoffs in response to market challenges, reflecting a shift towards an engineering-driven culture to combat bureaucratic inefficiencies. Other semiconductor companies are also implementing layoffs despite projected industry growth, indicating a broader restructuring trend in the sector.
Morgan Stanley has reduced its price target for Microchip Technology Inc. (MCHP) from $53 to $39, maintaining an Equal Weight rating. Analyst Joseph Moore warns of a projected 58% revenue decline by March 2025, emphasizing the need for significant revenue growth to improve stock performance.Despite this, the average target price from 21 analysts stands at $61.62, indicating a potential upside of 59.79% from the current price of $38.56. Additionally, the consensus recommendation from 24 brokerage firms suggests an "Outperform" status for the stock.
Microchip Technology's shares fell 3.2% in after-hours trading on March 19, following the announcement of a $1.35 billion convertible stock offering. The stock, which had closed at $54.57, dropped to $52.79 as the company plans to use the funds for capped call transactions and debt repayment. Additionally, Microchip will lay off 2,000 employees, about 9% of its workforce, due to excess inventory and weak demand in the automotive sector.
Intel has strengthened its board by appointing semiconductor industry leaders Eric Meurice, former CEO of ASML, and Steve Sanghi, head of Microchip Technology. This move aims to enhance the company's experience and operational vigor as it seeks a new CEO. Both will serve as independent directors.
Intel has appointed former ASML CEO Eric Meurice and Microchip Technology interim CEO Steve Sanghi to its board as the company seeks a replacement for ousted CEO Pat Gelsinger. Their extensive semiconductor experience addresses a gap left by a previous board member's departure. Intel is currently in the midst of a cost-cutting initiative and has engaged an executive search firm to assist in finding Gelsinger's successor.
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