Microchip Technology Incorporated (MCHP) is set to release its fourth-quarter earnings results on May 6, after the market closes. According to analysts, the company based in Chandler, Arizona, is expected to report earnings of 57 cents per share, a decrease from $1.64 per share in the same quarter last year. Revenue is predicted to come in at $1.33 billion, down from $2.23 billion in the prior-year quarter, according to data from Benzinga Pro.
On April 15th, Microchip Technology announced the acquisition of Neuronix AI Labs. However, specific terms of the deal were not disclosed. Following this news, the company’s shares rose 2.1% and closed at $91.36 on Friday. Investors can access the latest analyst ratings for Microchip Technology on Benzinga’s Analyst Stock Ratings page and sort by various variables such as stock ticker, company name, and rating changes.
In recent reports, several analysts have provided insights into the company’s performance and outlook for growth. Stifel analyst Tore Svanberg maintained a Buy rating and increased his price target from $98 to $102 on May 1st with an accuracy rate of 77%. Evercore ISI Group analyst Mark Lipacis initiated coverage with an Outperform rating and a price target of $106 on April 16th with an accuracy rate of 78%. Additionally, Goldman Sachs, UBS, and Needham have also provided their ratings and price targets for Microchip Technology.
As investors await the earnings release on May 6th, it is clear that they are closely watching MCHP’s performance in the current quarter. This information is crucial for making informed decisions about the company’s outlook and potential for growth.
In summary: MCHP will announce its fourth-quarter earnings results on May 6th after market closure with expectations for earnings per share being $0.57 cents down from $1.64 cents last year while revenue comes in at $1.33 billion down from $2.23 billion previous quarter as reported by Benzinga Pro.
Analyst Tore Svanberg maintained a Buy rating with an increased price target of $102 while Mark Lipacis initiated coverage with an Outperform rating along with a price target of $106 all boasting high accuracy rates.
Other analyst firms such as Goldman Sachs UBS & Needham have also provided their ratings and price targets for MCHP as investors closely watch their performance in this quarter which will be crucial for making informed decisions about future growth prospects