Microchip Technology (MCHP) PT Raised to 'Street High' $200 at Needham & Company Following Fireside Chat
- Wall Street ends sharply higher, led by surging Dow
- Sanderson Farms (SAFM) Explores Sale - Report
- Amazon (AMZN) in Talks to Acquire Stake in Self-Driving Truck Startup Plus: Report
- Dollar dips after Fed rally, Bitcoin slumps
- 5 Companies Set to Hike Their Dividend Over the Next Few Weeks, 3 Dividend Aristocrats
News and research before you hear about it on CNBC and others. Claim your 1-week free trial to StreetInsider Premium 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
- UPDATE: Needham & Company Starts Twilio (TWLO) at Buy
- UPDATE: Needham & Company Starts AudioCodes (AUDC) at Buy
- UPDATE: Needham & Company Starts ViaSat (VSAT) at Buy
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!