Microchip Technology (MCHP) Remains Fairly Valued Despite Solid Qtr - Mizuho

November 8, 2016 6:38 AM EST
Get Alerts MCHP Hot Sheet
Price: $66.93 +1.89%

Rating Summary:
    11 Buy, 8 Hold, 0 Sell

Rating Trend: Up Up

Today's Overall Ratings:
    Up: 30 | Down: 30 | New: 23
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Mizuho Securities analyst Vijay Rakesh reiterated a Neutral rating and $67 price target on Microchip Technology (NASDAQ: MCHP) after the company reported a better than expected SepQ at $874M/$0.94, above consensus of $861M/$0.87. The company guided to an inline DecQ topline at $848M but stronger EPS at $0.90, mostly with cost synergies from the ATML acquisition.

"Overall, it was a clean quarter with solid execution, GM tailwinds from the ATML and MCRL acquisitions," Rakesh said. "Broad revenue growth remains challenging. We are adjusting estimates and reiterating our Neutral and $67."

For an analyst ratings summary and ratings history on Microchip Technology click here. For more ratings news on Microchip Technology click here.

Shares of Microchip Technology closed at $62.23 yesterday.

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