Needham raised the firm’s price target on Microchip (MCHP) to $75 from $73 and keeps a Buy rating on the shares. The firm cites the company’s outlook that Q3 revenue and EPS would come in at the high end of prior guidance, with improved bookings and backlog driving the upside and orders being pulled in from March to December, the analyst tells investors in a research note. Demand in A&D and Data Center remains robust, while communications, auto, and industrial demand has recently strengthened, the firm added.
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