Microchip Technology (MCHP) PT Raised to 'Street High' $200 at Needham & Company Following Fireside Chat
- S&P 500 closes at record high as Apple, healthcare stocks help shrug off Delta worries
- Tencent (TCEHY) Falls Sharply as State Media Describes Online Games as ‘Spiritual Opium’, Company Vows to Improve
- Oil settles lower in volatile trade on worries about Delta variant
- Clorox (CLX) Falls Sharply as COVID-19 Demand Wanes
- Dollar steadies as markets weigh economic risks, central bank moves
Get inside Wall Street with StreetInsider Premium. Claim your 1-week free trial here.
Needham & Company analyst Rajvindra Gill raised the price target on Microchip Technology (NASDAQ: MCHP) to a 'Street High' $200.00 (from $130.00) while maintaining a Buy rating.
The analyst commented, "We hosted a virtual fireside chat with MCHP's President & COO (incoming CEO) Ganesh Moorthy and CFO Eric Bjornholt at our 2021 Virtual Needham Growth Conference.
Ganesh highlighted an unprecedented level of visibility, not seen in his 40-years of working in the semiconductor industry. MCHP is witnessing record bookings and no cancellations of orders, even after the company extended cancellation and push-out terms for customers. Demand remains high across the board (except enterprise) and is expanding operations internally to meet this demand. Inventories at distributors are low and the company does not expect that they will be rebuilt in the short-term. Gross margins should improve over the short-term as factory underutilization charges come down over the next 2 quarters."
Serious News for Serious Traders! Try StreetInsider.com Premium Free!
You May Also Be Interested In
- Sequans Communications (SQNS) PT Lowered to $7 at Needham & Company
- Raiffeisen Bank International AG (RBI:AV) (RAIFY) PT Raised to EUR25 at Barclays
- Microchip Technology (MCHP) Raises Quarterly Dividend 5.8% to $0.437; 1.2% Yield
Create E-mail Alert Related CategoriesAnalyst Comments, Analyst PT Change
Related EntitiesNeedham & Company
Sign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!