Mizuho Securities analyst Vijay Rakesh reiterated a Buy rating on Microchip (NASDAQ: MCHP) today and set a price target of $110. The company’s shares opened today at $101.05, close to its 52-week high of $101.48.
Rakesh wrote:
“We are reiterating our Buy and $110PT, ~14x our MCHP F20E(Mar) EPS. MCHP is targeting ~$8 in EPS in F21E(~C20E).”
According to TipRanks.com, Rakesh is a top 25 analyst with an average return of 30.6% and a 73.4% success rate. Rakesh covers the Consumer Goods sector, focusing on stocks such as Advanced Micro Devices, Skyworks Solutions, and NXP Semiconductors.
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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The company has a one-year high of $101.48 and a one-year low of $75.80. Currently, Microchip has an average volume of 2.77M.
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.
