Microchip Technology Incorporated (MCHP) is set to announce its fourth-quarter earnings after the market closes on May 6. Despite this, the company’s shares rose by 2.1% to close at $91.36 on Friday following news of its acquisition of Neuronix AI Labs on April 15. The terms of the deal were not disclosed.
Recently, several analysts have provided ratings and price targets for Microchip Technology. Stifel analyst Tore Svanberg reiterated a Buy rating and raised the price target from $98 to $102 on May 1. Evercore ISI Group analyst Mark Lipacis initiated coverage with an Outperform rating and a price target of $106 on April 16. Goldman Sachs analyst Toshiya Hari maintained a Neutral rating and reduced the price target from $87 to $77 on Feb. 5. UBS analyst Pradeep Ramani kept a Buy rating and lowered the price target from $105 to $95 on Feb. 2. Lastly, Needham analyst Quinn Bolton maintained a Buy rating and increased the price target from $85 to $90 on Feb. 2.
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