Mizuho Securities Starts Microchip Technology (MCHP) at Neutral
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Mizuho Securities initiates coverage on Microchip Technology (NASDAQ: MCHP) with a Neutral rating and a price target of $67.00.
Analyst Vijay Rakesh commented, "MCHP has executed well, and organic growth and a solid M&A strategy that has delivered stable earnings and FCF growth. However, we believe a quickly consolidating semiconductor market implies fewer M&A targets remain, while a predominant position in 8-bit/16-bit MCUs is a L-T drag. Initiating with a Neutral rating and $67 price target."
Shares of Microchip Technology closed at $61.97 yesterday.
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