Microchip Technology Incorporated (MCHP) is set to release its fourth-quarter earnings after the market closes on May 6. According to recent reports, the Chandler, Arizona-based company is expected to report earnings of 57 cents per share, a decline from $1.64 per share in the same quarter last year. Additionally, revenue is predicted to be $1.33 billion, down from $2.23 billion in the previous year.
Despite this news, Microchip Technology’s shares rose by 2.1% to close at $91.36 on Friday. This was due in part to an announcement made on April 15 that the company had acquired Neuronix AI Labs. The terms of the deal were not disclosed, but analysts are keeping a close eye on developments at the company and their potential impact on future earnings and revenue growth.
On May 1st, Stifel analyst Tore Svanberg maintained a Buy rating and raised the price target from $98 to $102 for Microchip Technology Inc. Evercore ISI Group analyst Mark Lipacis initiated coverage with an Outperform rating and a price target of $106 on April 16th. Goldman Sachs analyst Toshiya Hari maintained a Neutral rating and lowered the price target from $87 to $77 on February 5th while UBS analyst Pradeep Ramani kept a Buy rating and reduced the price target from $105 to $95 also on February 5th . Needham analyst Quinn Bolton maintained a Buy rating and increased the price target from $85 to $90 on February 2nd.
It is important for investors to keep in mind that investment advice should not be relied upon solely based on these ratings or any other information provided herein as it may not take into account individual circumstances or financial goals of investors