December 07, 2012 at 08:18 AM EST
Needham & Company Initiates Coverage of Microchip Technology (MCHP)

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 DARS™ Rating of 3.3 out of 5 stars.

Be sure to visit our complete recommended list of the Best Dividend Stocks, as well as a detailed explanation of our ratings system here.

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