Truist raised the firm’s price target on Microchip (MCHP) to $69 from $68 and keeps a Hold rating on the shares after the company announced the pricing of a 0% convertible senior notes offering. The firm expects the company to use the proceeds to pay back its 4% commercial paper, saving Microchip roughly $33M per year. Overall, Truist views this as an attractive financing move, but it doesn’t materially alter the firm’s fundamental view.
Claim 30% Off TipRanks
- Unlock hedge fund-level data and powerful investing tools for smarter, sharper decisions
- Discover top-performing stock ideas and upgrade to a portfolio of market leaders with Smart Investor Picks
Published first on TheFly – the ultimate source for real-time, market-moving breaking financial news. Try Now>>
Read More on MCHP:
- Microchip extends edge AI offering with full-stack solutions
- Microchip prices upsized offering of $800M in convertible senior notes
- Microchip call volume above normal and directionally bullish
- Microchip to offer $600M of Convertible Senior Notes due 2030
- Microchip Technology Earnings Call Signals Firm Recovery