Microchip Technology, Inc. (MCHP) Price Target Raised

Analyst Romit J. Shah at Barclays Capital has raised the price target for Microchip Technology, Inc. (NASDAQ: MCHP) from $28 to $30.

Barclays has also raised the EPS estimate from $0.32 to $0.36 for the fourth-quarter. The EPS estimate for 2010 has been raised from $1.35 to $1.56. Barclays has introduced EPS estimate for 2011 at $1.73.

The company reported revenue of $250 million in the third quarter. This was ahead of Barclays Capital’s estimate of $245 million. The company showed strength in all product segments and geographies in the third quarter. The gross margin increased by 380 basis points in the third quarter.

Barclays Capital has a 1-Overweight rating for Microchip Technology, Inc.