Jefferies Retains Microchip Technology Buy
Jefferies retained its Microchip Technology (NASDAQ: MCHP) Buy rating in a research report published today. Jefferies has a $44 price target on the company.
In the report, Jefferies stated, "We retain our Buy after MCHP's earnings beat and announcement of an agreement to acquire SMSC. In MCHP, we like the 16- and 32-bit product cycles, the cash flow and the dividend yield."
Shares of Microchip Technology closed today at $34.92, down 0.88% from Tuesday's market close.
(c) 2013 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.