Stifel Nicolaus reiterates its Buy rating on Microchip Technology MCHP and raises its price target to $42 from $41 a share as it appears the December quarter marked a trough to current downturn in the company's revenues.
Stifel Nicolaus says, "Management believes the company is seeing an upturn earlier than its peers
due to its broad consumer exposure, 4 week lead-times and sell-out method of recognizing channel revenue. We also believe Microchip may be gaining incremental market share and dollar content increases in markets such as automotive."
MCHP closed at $37.69 a share on Thursday.
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Posted In: Analyst ColorPrice TargetInitiationIntraday UpdateAnalyst RatingsInformation TechnologySemiconductorsStifel Nicolaus
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