In a report issued on May 8, Rajvindra Gill from Needham maintained a Buy rating on Microchip (MCHP), with a price target of $100. The company’s shares closed on Friday at $89.24.
According to TipRanks.com, Gill is a 5-star analyst with an average return of 12.1% and a 57.5% success rate. Gill covers the Consumer Goods sector, focusing on stocks such as Sequans Communications S A, Everspin Technologies Inc, and Smart Global Holdings Inc.
Currently, the analyst consensus on Microchip is a Strong Buy with an average price target of $111.17, which is a 24.6% upside from current levels. In a report issued on May 6, Rosenblatt Securities also maintained a Buy rating on the stock with a $115 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 $175 million. In comparison, last year the company had a net profit of $147 million.
Based on the recent corporate insider activity of 72 insiders, corporate insider sentiment is neutral on the stock.
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Microchip Technology, Inc. engages in developing and manufacturing semiconductor products. It operates through the Semiconductor Products and Technology Licensing segments.
