UPDATE: Jefferies Reiterates Buy Rating, Raises PT on Microchip Technology on Strong Expedite Requests

In a report published Friday, Jefferies reiterated its Buy rating on Microchip Technology

, and raised its price target from $38.00 to $41.00. Jefferies noted, “MCHP beat 4Q and guided 1Q revs 230bps above consensus. Consistent with ONNN, the company is seeing exceptionally strong orders and expedite requests. We think there is good chance for upside surprises in CY13 on the top and GM lines. We also like the 4.2% dividend yield, 16 and 32-bit product cycles and view it as a beneficiary of the transistor cost trends described in our Sep 26 ‘Moore Stress = Structural Industry Shift‘ note.” Microchip Technology closed on Thursday at $33.94.