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Microchip Technology Inc. (NASDAQ: MCHP) and Texas Instruments Incorporated (NASDAQ: TXN) were named Top Picks by Citi on Monday.
Analysts led by Christopher Danely believed the two companies “have the best combination of capital allocation, demand, and management of businesses. Both companies are diversified so we believe demand for both is driven by the overall semiconductor market, which we are positive on.”
“Microchip is our top pick in semis as the company’s share gains, high margins, management of cash, and outstanding track record on acquisitions have resulted in superior earnings growth. Microchip's MCU share has nearly doubled over the last 10 years and its analog business has grown 41 percent since 2009, versus the 6 percent growth for the overall analog industry,” according to the note.
The firm maintained a Buy rating and $58 price target on Microchip Technology which recently traded at $44.04, down 1.08 percent.
Danely also believed Texas Instruments’ “operational excellence combined with superior usage of cash will result in the highest earnings growth in our coverage universe. TI also has one of the highest payout ratios in semiconductors.”
The firm maintained a Buy rating and $63 price target on Texas Instruments which recently traded at $53.00, down 1.12 percent.
Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.
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