Microchip Technology (MCHP) is Reiterated by Stifel to Buy, Raises Price Target to $ 70

Microchip Technology (MCHP) was Reiterated by Stifel to “Buy” according to the research note released today. The brokerage firm has raised the Price Target to $ 70 from a previous price target of $68 . Stifel advised their investors in a research report released on Nov 30, 2016.

Many Wall Street Analysts have commented on Microchip Technology. Microchip Technology was Upgraded by BofA/Merrill to ” Buy” on Nov 8, 2016. Company shares were Reiterated by Needham on Nov 8, 2016 to “Buy”, Firm has raised the Price Target to $ 75 from a previous price target of $70 .Microchip Technology was Upgraded by Goldman to ” Neutral” on Nov 4, 2016.

On the company’s financial health, Microchip Technology reported $0.94 EPS for the quarter, beating the analyst consensus estimate by $ 0.07 according to the earnings call on Nov 7, 2016. Analyst had a consensus of $0.87. The company had revenue of $873.80 million for the quarter, compared to analysts expectations of $861.40 million. The company’s revenue was up 56.2% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.66 EPS.

Microchip Technology opened for trading at $65.76 and hit $66.325 on the upside on Tuesday, eventually ending the session at $66.03, with a gain of 0.20% or 0.13 points. The heightened volatility saw the trading volume jump to 19,42,515 shares. Company has a market cap of $14,264 M.

In a different news, on Nov 23, 2016, Richard J Simoncic (VP, Analog and Intrfc Prod Div) sold 2,892 shares at $64.90 per share price. According to the SEC, on Nov 23, 2016, Steve Sanghi (President, CEO, Chairman) sold 49,901 shares at $63.79 per share price. On Nov 23, 2016, Mitchell R Little (VP, WW Sales and Appns.) sold 2,383 shares at $65.16 per share price, according to the Form-4 filing with the securities and exchange commission.

Microchip Technology Incorporated develops manufactures and sells specialized semiconductor products for a range of embedded control applications. The Company operates in segments including semiconductor products and technology licensing. The Company’s product portfolio consists of general purpose and specialized 8-bit 16-bit and 32-bit microcontrollers; linear mixed-signal power management; thermal management; Radio-frequency (RF) safety security wired connectivity and wireless connectivity devices as well as serial EEPROMs Serial Flash memories Parallel Flash memories and serial Static Random Access Memory (SRAM). The Company also licenses Flash-IP solutions that are incorporated in a range of products. The Company’s products are applicable in the automotive communications computing consumer and industrial control markets.

Microchip Technology

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