Microchip price target raised to $65 from $60 at Raymond James

Raymond James analyst Melissa Fairbanks raised the firm’s price target on Microchip (MCHP) to $65 from $60 and keeps a Strong Buy rating on the shares. The company continues to make significant progress toward returning to more normalized business trends, and management believes Microchip has “turned the corner” toward a cyclical recovery, bringing with it a return to revenue growth and margin expansion, the analyst tells investors in a research note. Microchip is an analog player with meaningful upside potential as business conditions improve, the firm argues.