UPDATE: Stifel Nicolaus Reiterates Buy Rating, Raises PT on Microchip Technology Following June Quarter Review - Microchip Technology (NASDAQ:MCHP)

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In a report published Thursday, Stifel Nicolaus analyst Kevin Cassidy reiterated a Buy rating on

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Microchip Technology

(NASDAQ: MCHP), and raised the price target from $50.00 to $51.00.In the report, Stifel Nicolaus noted, “In our view, Microchip continues to benefit from its strategy for worker rotation rather than lay-offs during down cycles. As demand from its core markets are rebounding, the company has been able to quickly ramp production and outgrow its peers. We continue recommending investors buy MCHP shares as a core holding.”Microchip Technology closed on Wednesday at $39.74.