Microchip Technology Receives Consensus Rating of “Buy” from Brokerages (NASDAQ:MCHP)
Shares of Microchip Technology (NASDAQ:MCHP) have received a consensus recommendation of “Buy” from the fourteen ratings firms that are presently covering the company, AnalystRatings.Net reports. Four research analysts have rated the stock with a hold rating and five have issued a buy rating on the company. The average 1-year target price among brokerages that have covered the stock in the last year is $49.20.
A number of research firms have recently commented on MCHP. Analysts at Goldman Sachs raised their price target on shares of Microchip Technology from $48.00 to $52.00 in a research note on Monday, April 7th. Separately, analysts at Stifel Nicolaus raised their price target on shares of Microchip Technology from $56.00 to $58.00 in a research note on Friday, April 4th. They now have a “buy” rating on the stock. Finally, analysts at Zacks downgraded shares of Microchip Technology from an “outperform” rating to a “neutral” rating in a research note on Tuesday, February 4th. They now have a $48.00 price target on the stock.
Shares of Microchip Technology (NASDAQ:MCHP) traded up 0.51% during mid-day trading on Monday, hitting $47.57. 67,840 shares of the company’s stock traded hands. Microchip Technology has a one year low of $34.04 and a one year high of $49.03. The stock has a 50-day moving average of $47.01 and a 200-day moving average of $44.12. The company has a market cap of $9.473 billion and a price-to-earnings ratio of 29.58.
Microchip Technology (NASDAQ:MCHP) last released its earnings data on Thursday, January 30th. The company reported $0.61 EPS for the quarter, beating the Thomson Reuters consensus estimate of $0.60 by $0.01. The company had revenue of $482.40 million for the quarter, compared to the consensus estimate of $479.27 million. Analysts expect that Microchip Technology will post $2.42 EPS for the current fiscal year.
Microchip Technology Incorporated develops and manufactures specialized semiconductor products used by its customers for a variety of embedded control applications.
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