In a report released yesterday, John Pitzer from Credit Suisse maintained a Buy rating on Microchip (NASDAQ: MCHP), with a price target of $110. The company’s shares closed yesterday at $101.05, close to its 52-week high of $101.48.
According to TipRanks.com, Pitzer is a top 100 analyst with an average return of 22.4% and a 74.2% success rate. Pitzer covers the Consumer Goods sector, focusing on stocks such as Advanced Micro Devices, Texas Instruments, and Analog Devices.
Currently, the analyst consensus on Microchip is Strong Buy and the average price target is $113.46, representing a 12.3% upside.
In a report issued on May 30, SunTrust Robinson also maintained a Buy rating on the stock with a $117 price target.
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Based on Microchip’s latest earnings release for the quarter ending March 31, the company reported a quarterly net profit of $147 million. In comparison, last year the company had a net profit of $137 million.
Based on the recent corporate insider activity of 81 insiders, corporate insider sentiment is neutral on the stock. Most recently, in March 2018, Day L B, a Director at MCHP sold 6,000 shares for a total of $567,720.
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Microchip Technology, Inc. engages in developing and manufacturing semiconductor products. It operates through the Semiconductor Products and Technology Licensing segments.
