Microchip Technology PT Raised to $42.00 (MCHP)

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Equities researchers at Mizuho boosted their price target on shares of Microchip Technology (NASDAQ: MCHP) from $40.00 to $42.00 in a research report issued on Tuesday, Stock Ratings Network.com reports. The firm currently has a “neutral” rating on the stock. Mizuho’s target price indicates a potential upside of 13.24% from the stock’s previous close.

Shares of Microchip Technology (NASDAQ: MCHP) traded down 0.57% during mid-day trading on Tuesday, hitting $36.88. Microchip Technology has a 52 week low of $28.92 and a 52 week high of $37.63. The stock’s 50-day moving average is currently $36.10. The company has a market cap of $7.225 billion and a P/E ratio of 59.82.

Microchip Technology (NASDAQ: MCHP) last posted its quarterly earnings results on Thursday, May 2nd. The company reported $0.49 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.47 by $0.02. The company had revenue of $430.10 million for the quarter, compared to the consensus estimate of $426.96 million. During the same quarter in the previous year, the company posted $0.46 earnings per share. The company’s revenue for the quarter was up 26.9% on a year-over-year basis. Microchip Technology has set its Q1 guidance at $0.50-0.54 EPS. Analysts expect that Microchip Technology will post $2.22 EPS for the current fiscal year.

A number of other firms have also recently commented on MCHP. Analysts at Citigroup upgraded shares of Microchip Technology from a “neutral” rating to a “buy” rating in a research note to investors on Wednesday, May 29th. They now have a $47.00 price target on the stock, up previously from $39.00. Separately, analysts at Ned Davis Research upgraded shares of Microchip Technology from a “sell” rating to a “neutral” rating in a research note to investors on Monday, May 13th. Finally, analysts at Stifel Nicolaus raised their price target on shares of Microchip Technology from $40.00 to $48.00 in a research note to investors on Monday, May 6th. They now have a “buy” rating on the stock.

Eight equities research analysts have rated the stock with a hold rating, ten have given a buy rating and one has assigned a strong buy rating to the stock. The company presently has an average rating of “Buy” and an average price target of $38.28.

Microchip Technology Incorporated develops and manufactures specialized semiconductor products used by its customers for a range of embedded control applications.

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