Microchip price target raised to $120 from $115 at Rosenblatt

Rosenblatt raised the firm’s price target on Microchip (MCHP) to $120 from $115 and keeps a Buy rating on the shares. Microchip is seeing a broadening upcycle across end markets, with steady revenue growth and margin expansion driven by execution of its strategic turnaround plan, while record bookings and lengthening lead times signal strengthening demand, supporting continued positive momentum and reinforcing the attractiveness of the shares for their income and operating leverage as growth progresses, the analyst tells investors in a research note.