Microchip Technology (MCHP) PT Raised to 'Street High' $200 at Needham & Company Following Fireside Chat

January 13, 2021 11:02 AM EST
Get Alerts MCHP Hot Sheet
Price: $146.82 +1.26%

Rating Summary:
    23 Buy, 8 Hold, 0 Sell

Rating Trend: Down Down

Today's Overall Ratings:
    Up: 22 | Down: 13 | New: 31
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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."

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