Microchip Technology Incorporated (MCHP) is set to release its fourth-quarter earnings on May 6. Analysts predict that the company, based in Chandler, Arizona, will report earnings of 57 cents per share, down from $1.64 per share in the same quarter a year ago. Revenue for the period is estimated at $1.33 billion, lower than the $2.23 billion reported in the previous quarter.
On April 15, Microchip Technology acquired Neuronix AI Labs, although the terms of the deal were not disclosed. Following this news, MCHP shares rose by 2.1% to close at $91.36 on Friday. Benzinga readers can keep track of analyst ratings and updates on MCHP’s latest news by visiting our Analyst Stock Ratings page, where they can sort ratings by various variables.
Several analysts have provided ratings and price targets for MCHP recently. Stifel analyst Tore Svanberg maintained a Buy rating and raised his price target from $98 to $102 on May 1st. 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 remained neutral with a price target of $77 on February 5th, while UBS analyst Pradeep Ramani lowered his Buy rating from $105 to $95 and kept it at that level on February 2nd last month. Needham analyst Quinn Bolton also maintained his Buy rating but increased his price target from $85 to $90 last month on February 2nd as well
