Microchip price target raised to $83 from $69 at Evercore ISI

Evercore ISI analyst Mark Lipacis raised the firm’s price target on Microchip (MCHP) to $83 from $69 and keeps an Outperform rating on the shares. While the firm has been constructive broadly on the analog/MCU group and remains constructive on the group broadly, it shifts On Semi (ON) and NXP Semiconductors (NXPI) to top ideas in this segment as they were the latest to see the inventory correction and it believes will be the next to see a troughing and positive inflection in fundamentals, the analyst tells investors. The firm’s revised Microchip target reflects 22-times next twelve months P/E on 2027 EPS of $4.15, the analyst noted.