In a report published Tuesday, J.P. Morgan analyst Christopher Danely raised the price target on Microchip Technology MCHP from $34 to $35 and maintained a Neutral rating on the company.
In the report, J.P. Morgan stated, "Yesterday after the close, Microchip raised its June quarter guidance due to stronger bookings and improving visibility. As a result, we are raising our estimates. However, the SMSC business (roughly 21% of F4Q13 sales) is diluting Microchip’s margins, and we remain Neutral due to lack of leverage.Microchip Technology is trading up 2.06, or 5.59%, pre-market."
Microchip Technology closed Monday at $36.84.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Comments
date | ticker | name | Price Target | Upside/Downside | Recommendation | Firm |
---|
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.