SunTrust assumed coverage on shares of Microchip Technology (NASDAQ: MCHP) in a report issued on Wednesday, TheFlyOnTheWall.com reports. The firm issued a neutral rating and a $38.00 target price on the stock.
Microchip Technology (NASDAQ: MCHP) traded down 1.17% on Wednesday, hitting $36.3092. Microchip Technology has a 1-year low of $28.92 and a 1-year high of $37.63. The stock’s 50-day moving average is currently $35.78. The company has a market cap of $7.093 billion and a price-to-earnings ratio of 50.89.
A number of other firms have also recently commented on MCHP. Analysts at ISI Group upgraded shares of Microchip Technology from a buy rating to a strong-buy rating in a research note to investors on Monday, March 4th. Separately, analysts at Needham & Company raised their price target on shares of Microchip Technology from $37.00 to $40.00 in a research note to investors on Monday, February 11th. They now have a buy rating on the stock. Finally, analysts at Zacks upgraded shares of Microchip Technology from an underperform rating to a neutral rating in a research note to investors on Monday, February 11th. They now have a $38.00 price target on the stock.
Seven analysts have rated the stock with a buy rating, two have given an overweight rating, and eleven have given a hold rating to the company’s stock. The company presently has an average rating of overweight and an average target price of $38.81.
Microchip Technology Incorporated develops and manufactures specialized semiconductor products used by its customers for a range of embedded control applications.
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