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Microchip Technology (MCHP) PT Raised at Susquehanna Following Q4

May 7, 2014 7:00 AM EDT
Get Alerts MCHP Hot Sheet
Price: $89.71 +0.58%

Rating Summary:
    22 Buy, 11 Hold, 0 Sell

Rating Trend: Up Up

Today's Overall Ratings:
    Up: 13 | Down: 11 | New: 11
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Susquehanna analyst Chris Caso reiterated a Positive rating on Microchip Technology (NASDAQ: MCHP) and raised his price target to $55.00 (from $52.00) following solid Q4 results.

Caso comments, "MCHP's commentary was fully consistent with what we have heard from other analog/mixed signal suppliers during earnings season, with strong bookings commentary coupled with low inventory levels. We expect there to be some focus on the magnitude of revenue guidance this morning, since MCHP's organic revenue growth expectation (up 3.5% q/q at the midpoint) is at the lower end of the peer group. But we noted that MCHP provided very similar guidance at this point last year, and wound up with significant upside to that guidance, positively preannouncing the June quarter. Our C14 EPS estimates rise by $0.10, mainly due to accretion from the recently closed SUPX acquisition and better gross margins. In total, MCHP's commentary provides us with continued confidence in our expectation for a continued sector recovery this year, and we view MCHP as a reliable vehicle for continuing to invest in that recovery."

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 $46.35 yesterday.



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