Raymond James analyst Melissa Fairbanks raised the firm’s price target on Microchip (MCHP) to $75 from $65 and keeps a Strong Buy rating on the shares. The June quarter results and outlook came in slightly ahead of expectations, and the guide for mid-single digit quarter over quarter growth in the September quarter reflects a demand-driven recovery, rather than an inventory restocking dynamic, the analyst tells investors in a research note. With stabilization and even modest improvement in demand, the firm sees a path to improvement in utilization and margin profile, back on track toward the target model.
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Read More on MCHP:
- Microchip price target raised to $80 from $65 at Piper Sandler
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