Mizuho Securities analyst Vijay Rakesh maintained a Buy rating on Microchip (MCHP) today. The company’s shares closed yesterday at $91.54.
Rakesh observed:
“We believe MCHP is well positioned with improving operating metrics and market share (see Exhibit 1), lower channel inventories, a strong L-T 63% GM, and getting closer to integrating MSCC on its path to $8 in EPS.”
According to TipRanks.com, Rakesh is a top 100 analyst with an average return of 21.9% and a 62.2% success rate. Rakesh covers the Consumer Goods sector, focusing on stocks such as Skyworks Solutions, Texas Instruments, and Cypress Semicon.
Currently, the analyst consensus on Microchip is a Strong Buy with an average price target of $112.40, representing a 22.8% upside. 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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Microchip’s market cap is currently $21.69B and has a P/E ratio of 70.42. The company has a Price to Book ratio of 4.20.
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.
