Merrill Lynch Sticks to Its Buy Rating for Microchip (MCHP)


Merrill Lynch analyst Vivek Arya maintained a Buy rating on Microchip (MCHP) on March 9 and set a price target of $105.00. The company’s shares closed last Monday at $81.48, close to its 52-week low of $76.05.

According to TipRanks.com, Arya is a 5-star analyst with an average return of 14.6% and a 53.0% success rate. Arya covers the Consumer Goods sector, focusing on stocks such as Skyworks Solutions, Applied Materials, and Texas Instruments.

Currently, the analyst consensus on Microchip is a Strong Buy with an average price target of $120.29, which is a 48.5% upside from current levels. In a report issued on March 3, B.Riley FBR also maintained a Buy rating on the stock with a $128.00 price target.

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The company has a one-year high of $112.47 and a one-year low of $76.05. Currently, Microchip has an average volume of 2.9M.

Based on the recent corporate insider activity of 73 insiders, corporate insider sentiment is positive on the stock. This means that over the past quarter there has been an increase of insiders buying their shares of MCHP in relation to earlier this year.

TipRanks has tracked 36,000 company insiders and found that a few of them are better than others when it comes to timing their transactions. See which 3 stocks are most likely to make moves following their insider activities.

Microchip Technology, Inc. engages in the provision of semiconductor products. It operates through the Semiconductor Products and Technology Licensing segments.

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