Microchip initiated with a Buy at Goldman Sachs

Goldman Sachs initiated coverage of Microchip (MCHP) with a Buy rating and $88 price target The firm initiated the U.S. analog and radio frequency semiconductor sector with a relatively bullish view citing the cyclical opportunities it sees. The analog industry is likely to move toward trendline shipments over the next 12-18 months and Goldman is most bullish on companies shipping furthest below trend and those who managed supply chains well, the analyst tells investors in a research note.