Stifel Raises Price Target as Microchip Technology (MCHP) Updates Guidance
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Stifel reiterated a Buy rating on Microchip Technology (NASDAQ: MCHP), and raised the price target to $70.00 (from $68.00), following the company's guidance update. Microchip updated its F3Q17 guidance, narrowing the potential range and indicating slight upside to the Street consensus. The new revenue midpoint of $852mn is above the Street estimate of $848mn. Non-GAAP EPS guidance was updated to $0.87 - $0.94 compared to $0.85 - $0.95 previously.
Analyst Kevin Cassidy commented, "Microchip upwardly revised its December ending quarter. According to management, the upside is coming from better than expected integration of recent acquisitions. Management pointed out that significant gross margin improvements may be recognized as the inventory of higher cost products from the now closed Micrel fab is depleted. We have revised our revenue and non-GAAP earnings estimates and increased our 12-month target price to $70."
Shares of Microchip Technology closed at $66.03 yesterday.
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