Truist raised the firm’s price target on Microchip (MCHP) to $64 from $52 and keeps a Hold rating on the shares. The firm cites the company’s updated Q1 guidance range with higher EPS midpoint as well as its recent conversations with the management on margin trajectory and its feedback from industry contacts turning more constructive, though having missed a big move from the bottom, it also recommends not to chase the price higher at current levels, the analyst tells investors in a research note.
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