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.
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