Microchip Technology (NASDAQ: MCHP)‘s stock had its “neutral” rating reiterated by research analysts at JPMorgan Chase in a report released on Tuesday, Stock Ratings Network reports. They currently have a $35.00 target price on the stock, up from their previous target price of $34.00. JPMorgan Chase’s target price indicates a potential downside of 5.63% from the company’s current price.
The analysts wrote, “Yesterday after the close, Microchip raised its June quarter guidance due to stronger bookings and improving visibility. As a result, we are raising our estimates. However, the SMSC business (roughly 21% of F4Q13 sales) is diluting Microchip’s margins, and we remain Neutral due to lack of leverage.Microchip Technology is trading up 2.06, or 5.59%, pre-market.”
Several other analysts have also recently commented on the stock. Analysts at Stifel Nicolaus raised their price target on shares of Microchip Technology from $48.00 to $50.00 in a research note to investors on Tuesday. They now have a “buy” rating on the stock. Separately, analysts at Mizuho raised their price target on shares of Microchip Technology from $40.00 to $42.00 in a research note to investors on Tuesday. They now have a “neutral” rating on the stock. Finally, 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.
Eight equities research analysts have rated the stock with a hold rating, ten have assigned a buy rating and one has issued a strong buy rating to the company. The company presently has an average rating of “Buy” and a consensus price target of $38.28.
Shares of Microchip Technology (NASDAQ: MCHP) traded down 0.35% during mid-day trading on Tuesday, hitting $36.9599. 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 $7.241 billion and a P/E ratio of 59.82.
Microchip Technology (NASDAQ: MCHP) last issued its quarterly earnings data on Thursday, May 2nd. The company reported $0.49 earnings per share for the quarter, beating the analysts’ 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 last year, the company posted $0.46 earnings per share. Microchip Technology’s revenue was up 26.9% compared to the same quarter last year. Microchip Technology has set its Q1 guidance at $0.50-0.54 EPS. On average, analysts predict that Microchip Technology will post $2.22 earnings per share for the current fiscal year.
Microchip Technology Incorporated develops and manufactures specialized semiconductor products used by its customers for a range of embedded control applications.