JPMorgan raised the firm’s price target on Microchip (MCHP) to $85 from $77 and keeps an Overweight rating on the shares. The company increased its sales outlook for the December quarter on strong broad-based booking activity, the analyst tells investors in a research note. The firm says Microchip’s starting backlog for the March quarter is much stronger than it was for the December quarter. It anticipates continued quarter-over-quarter growth for the company into 2026. Microchip’s gross margins should continue to move higher on lower underutilization charges and lower inventory write-offs, adds JPMorgan.
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