J.P. Morgan Maintains Neutral on Microchip Technology

J.P. Morgan is out with its report today on Microchip Technology MCHP, maintaining Neutral. In its report, J.P. Morgan writes, "Microchip is trading at 16X C12 EPS, a roughly 30% premium to the S&P500 multiple of 12X. We believe Microchip should trade at 15X C12 EPS, slightly above our universe average of 14X. As a result, we are maintaining our December 2011 price target of $29.00 or 15X C12 EPS. We remain Neutral." Shares of MCHP closed Thursday at $31.77, down 3.96% from Wednesday's close.