Microchip Technology Inc. (NASDAQ:MCHP) reported better-than-expected fourth-quarter financial results and issued strong first-quarter guidance on Thursday.
Microchip Technology reported quarterly earnings of 57 cents per share which beat the analyst consensus estimate of 51 cents per share. The company reported quarterly sales of $1.311 billion which beat the analyst consensus estimate of $1.263 billion.
Microchip Technology said it sees first-quarter adjusted EPS of 67 cents-71 cents, versus market estimates of 59 cents. The company sees sales of $1.442 billion-$1.469 billion, versus expectations of $1.344 billion.
“Our March quarter results significantly exceeded our expectations, with revenue of $1.311 billion coming in above the high end of our guidance and increasing 10.6% sequentially and 35.1% year over year, reflecting broad‑based improvement across Microchip’s business,” said Steve Sanghi, Microchip’s President and Chief Executive Officer.
Microchip Technology shares fell 1% to trade at $100.54 on Friday.
These analysts made changes to their price targets on Microchip Technology following earnings announcement.
- Needham analyst N. Quinn Bolton maintained the stock with a Buy and raised the price target from $84 to $120.
- Rosenblatt analyst Kevin Cassidy maintained the stock with a Buy and raised the price target from $115 to $120.
- Susquehanna analyst Christopher Rolland maintained the stock with a Positive and raised the price target from $95 to $120.
- Evercore ISI Group analyst Mark Lipacis maintained the stock with an Outperform rating and raised the price target from $93 to $117.
- Wells Fargo analyst Joe Quatrochi maintained the stock with an Equal-Weight rating and raised the price target from $75 to $95.
Considering buying MCHP stock? Here’s what analysts think:
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