Needham & Company reported on Friday that they have initiated coverage of semiconductor manufacturer, Microchip Technology Inc.(MCHP).
The firm announced that they have begun coverage of MCHP, and have given the company a “Buy” rating, with a $37 price target. This price target suggests a 17% increase from the stock’s current price of $30.51.
Analysts see MCHP as a strong company in the semiconductor industry, and view the company positively regarding acquisitions and valuation.
Microchip Technology shares were mostly flat during premarket trading Friday. The stock is down -16.7% YTD.
The Bottom Line
Shares of Microchip Technology (MCHP) have a 4.62% dividend yield, based on last night’s closing stock price of $30.51. The stock has technical support in the $27-$28 price area. If the shares can firm up, we see overhead resistance around the $32-$33 price levels.
Microchip Technology Inc.(MCHP)is not recommended at this time, holding a Dividend.com DARS™ Rating of 3.3 out of 5 stars.
Nasdaq quotes delayed at least 15 minutes, all others at least 20 minutes.
Markets are closed on certain holidays. Stock Market Holiday List
By accessing this page, you agree to the following
Press Release Service provided by PRConnect.
Stock quotes supplied by Six Financial
Postage Rates Bots go here