Bank of America Securities downgraded chipmaker Microchip Technology's rating from “neutral” to “underperforming the market” and lowered the target price from $80 to $65. According to the bank, Microchip's two earnings reports fell short of expectations, a change of CEO, high inventories, announced the closure of an Arizona fab, and suspended applications for chip law subsidies, which indicates that there is no meaningful recovery in demand in the short term. Additionally, global automotive and industrial chip makers are facing weak demand and high customer inventories. (Gelonghui)