Here's How Goldman Sachs Views Microchip, AMD

• Goldman Sachs analyst Toshiya Hari downgraded Microchip Technology Inc (NASDAQ: MCHP) to Neutral from Buy with a $79 price target (2.4% upside).

• He sees supply tightness across its MCU, analog, and FPGA franchises to support sequential revenue growth through 2022.

• Hari thinks customer bookings could moderate, notably if the evolving macro backdrop led to more muted consumer spending and industrial activity.

• Hari maintained a Buy on Advanced Micro Devices Inc (NASDAQ: AMD), with a price target of $127 (6.1% upside).

• Meanwhile, Hari removed the stock from the Conviction List.

• Hari stays constructive on AMD's ability to expand gross and operating margins. Hari expects the Street estimates to stabilize over the coming quarters.

• Price Action: AMD shares closed lower by 0.71% at $119.67, and MCHP shares closed lower by 0.67% at $77.16 on Friday.

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