In a report published Tuesday, Goldman Sachs analyst James Schneider reiterated a Neutral rating on Microchip Technology MCHP, and raised the price target from $37.00 to $38.00.
In the report, Goldman Sachs noted, “Microchip positively preannounced results on June 3rd. The company now expects sales to be up 4% to 7% qoq, or $454 mn at the midpoint, vs. prior guidance of up 2% to 6%, the Street at $448 mn and GS at $450 mn. EPS (ex. ESOs) is expected to be $0.54 vs. $0.52 prior. Microchip attributed the upside to a very strong bookings environment, and noted improved customer visibility. This commentary is consistent with recent reports from peers such as Avago and Semtech, and above-seasonal April SIA data.”
Microchip Technology closed on Monday at $36.84.
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Posted In: Analyst ColorPrice TargetAnalyst RatingsGoldman SachsInformation TechnologyJames SchneiderSemiconductors
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