Why Are Microchip Shares Trading Higher Today? - Microchip Technology (NASDAQ:MCHP)

Microchip Technology Inc MCHP expanded its Gallium Nitride Radio Frequency power device portfolio with new MMICs and discrete transistors covering frequencies up to 20 gigahertz.
The devices combine high power-added efficiency and high linearity to deliver new performance levels in applications ranging from 5G to electronic warfare, satellite communications, commercial and defense radar systems, and test equipment.
Analyst rating: Jefferies analyst Mark Lipacis raised the price target on Microchip to $109 from $98, implying a 22.7% upside, and reiterated a Buy.
The rating follows Microchips's commitment to 7% per quarter dividend increases and the immediate launch of share buybacks based on receiving investment-grade ratings from Moody's and Fitch, which it did in mid-November. Microchip is his top Risk/Reward idea.
Price Action: MCHP shares traded higher by 5.47% at $87.99 on the last check Wednesday.