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There’s a lot to be optimistic about in the Consumer Goods sector as 2 analysts just weighed in on Microchip (NASDAQ: MCHP) and Palo Alto Networks (NYSEArca: PANW) with bullish sentiments.
Microchip (NASDAQ: MCHP)
Rosenblatt Securities analyst Hans Mosesmann maintained a Buy rating on Microchip (NASDAQ: MCHP) yesterday and set a price target of $125. The company’s shares closed yesterday at $102.14, close to its 52-week high of $102.80.
Mosesmann commented:
“We update our model to account for last week’s Microsemi (MSCC: NR) acqui- sition, which adds $170 million in sales at the mid-point in the June quarter, and $0.04 in non-GAAP EPS. Management’s view for the September quarter is an additional $0.15 in non-GAAP EPS and for annualized $0.75 in non-GAAP EPS accretion in the first year after the close.”
According to TipRanks.com, Mosesmann is a 4-star analyst with an average return of 11.5% and a 60.5% success rate. Mosesmann covers the Consumer Goods sector, focusing on stocks such as Advanced Micro Devices, Broadcom, and Mellanox.
Currently, the analyst consensus on Microchip is Strong Buy and the average price target is $115.91, representing a 13.5% upside.
In a report issued on May 30, SunTrust Robinson also maintained a Buy rating on the stock with a $117 price target.
See today’s analyst top recommended stocks >>
Palo Alto Networks (NYSEArca: PANW)
Rosenblatt Securities analyst Marshall Senk reiterated a Buy rating on Palo Alto Networks (NYSEArca: PANW) yesterday and set a price target of $225. The company’s shares closed yesterday at $203.86, close to its 52-week high of $214.69.
Senk noted:
“We view Palo Alto’s Q3 results as yet another indication that the company has put its sales org issues well in the rearview mirror as revenues and billings ex- ceeded our expectations and the company raised guidance for FQ4. The stock came under some pressure after the news hit as investors focused more on margin impact from the two most recent strategic acquisitions and the CEO transition rather than the strong growth, particularly on the billings line. While there is always uncertainty when a new CEO comes in, we point to companies like Service Now (NOW: NR) where change has been positive as the board looks to bring leaders in that have experience scaling a multibillion dollar busi- ness.”
According to TipRanks.com, Senk is a 5-star analyst with an average return of 27.2% and a 77.3% success rate. Senk covers the Technology sector, focusing on stocks such as Proofpoint Inc, Salesforce.com, and Carbonite Inc.
Currently, the analyst consensus on Palo Alto Networks is Strong Buy and the average price target is $227.50, representing an 11.6% upside.
In a report issued on May 23, RBC Capital also maintained a Buy rating on the stock with a $220 price target.
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