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UPDATE: ISI Group Upgrades Microchip Technology to Strong Buy on Semiconductor Demand

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ON Semiconductor Lowered From Outperform To Underperform At Credit Suisse
Microchip Shares Upgraded To Buy Amid Tight Supply In Semis Sector

In a report published Monday, ISI Group upgraded its rating on Microchip Technology (NASDAQ: MCHP) from Buy to Strong Buy, and raised its price target from $40.00 to $42.00.

ISI Group noted, “We are again raising ratings, price targets, and estimates for names within our coverage group with high exposure to the industrial vertical. In summary, our view is that recent data is increasingly supportive of the view that conditions for a strong semiconductor cycle are improving ahead of expectations generally, but even more so for our preferred niche, the industrial market. Thus, while there is some investor concern and skepticism around the durability of the recent rally in the stocks, especially in light of the seemingly full valuations being accorded to the names, we think the preconditions for a meaningful rise in estimates that is needed to drive the second leg of the rally,are increasingly in place.”

Microchip Technology closed on Friday at $36.46.

Latest Ratings for MCHP

DateFirmActionFromTo
Apr 2017Summit Redstone PartnersUpgradesHoldBuy
Feb 2017NeedhamUpgradesBuyStrong Buy
Dec 2016SusquehannaInitiates Coverage OnPositive

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Posted-In: ISI GroupAnalyst Color Upgrades Analyst Ratings

 

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