$MCHP Strong Buy upgrade for Microchip Technology
Possible entry level $98 = Target price $105 @ Fib extension.
High short interest of 13% coming into earnings.
Upgrades pre earnings may be a sign of analysts not wanting to get caught offside, expecting good things.
Technically the stock has been and looks set to continue in a bullish uptrend. A breakout is on the cards if earnings are good.
RSI and price are reaching decision time.
Upgrade details oct30th
Microchip (MCHP +0.8%) is raised from Market Perform to Strong Buy at Raymond James with a $115 target.
The firm cites its "increasingly constructive view" on the semi market with checks and peer reports from the likes of Texas Instruments showing that current conditions are getting neither better than worse, which is a positive after a downturn.Raymond James says current revenue run rates are allowing the inventory backup to drain from the channel. Source seeking alpha.
Company profile
Microchip Technology, Inc. engages in the provision of semiconductor products. It operates through the Semiconductor Products and Technology Licensing segments. The Semiconductor Products segment involves in the designing, developing, manufacturing, and marketing microcontrollers, development tools and analog, interface, mixed signal, connectivity devices, and timing products. The Technology Licensing segment offers license fees and royalties associated with technology licenses for the use of SuperFlash embedded flash and Smartbits one time programmable technologies. The company was founded on February 14, 1989 and is headquartered in Chandler, AZ.
High short interest of 13% coming into earnings.
Upgrades pre earnings may be a sign of analysts not wanting to get caught offside, expecting good things.
Technically the stock has been and looks set to continue in a bullish uptrend. A breakout is on the cards if earnings are good.
RSI and price are reaching decision time.
Upgrade details oct30th
Microchip (MCHP +0.8%) is raised from Market Perform to Strong Buy at Raymond James with a $115 target.
The firm cites its "increasingly constructive view" on the semi market with checks and peer reports from the likes of Texas Instruments showing that current conditions are getting neither better than worse, which is a positive after a downturn.Raymond James says current revenue run rates are allowing the inventory backup to drain from the channel. Source seeking alpha.
Company profile
Microchip Technology, Inc. engages in the provision of semiconductor products. It operates through the Semiconductor Products and Technology Licensing segments. The Semiconductor Products segment involves in the designing, developing, manufacturing, and marketing microcontrollers, development tools and analog, interface, mixed signal, connectivity devices, and timing products. The Technology Licensing segment offers license fees and royalties associated with technology licenses for the use of SuperFlash embedded flash and Smartbits one time programmable technologies. The company was founded on February 14, 1989 and is headquartered in Chandler, AZ.