Stifel analyst Tore Svanberg raised the firm’s price target on Microchip (MCHP) to $70 from $60 and keeps a Buy rating on the shares after fiscal Q4 results were higher than estimates, the fiscal Q1 outlook was above expectations, and management provided an update on its “Nine Point Recovery Plan.” The firm believes Microchip continues to move in the right direction, swiftly executing meaningful changes with immediate and long-term positive effects, the analyst tells investors in a post-earnings note.
Confident Investing Starts Here:
- Easily unpack a company's performance with TipRanks' new KPI Data for smart investment decisions
- Receive undervalued, market resilient stocks right to your inbox with TipRanks' Smart Value Newsletter
Published first on TheFly – the ultimate source for real-time, market-moving breaking financial news. Try Now>>
Read More on MCHP:
Looking for a trading platform? Check out TipRanks' Best Online Brokers guide, and find the ideal broker for your trades.
Report an Issue