Zacks Investment Research upgraded shares of Microchip Technology Inc. (MCHP) from NEUTRAL to OUTPERFORM on October 31, 2013, with a target price of $48.00.
Microchip reported stellar second quarter fiscal 2014 results with record revenues and adjusted earnings per share. The company is one of the fastest growing providers of 16-bit and 32-bit microcontrollers. The quality and diversity of products make Microchip one of the better-positioned companies in the semiconductor universe. The company is also gaining significant market share with continued new product innovations and customer engagements. Going forward, Microchip anticipates healthy bookings and robust business driven by new design wins and applications. However, an uncertain macroeconomic environment could hamper the growth momentum to some extent. Nevertheless, we are changing our long-term recommendation for Microchip from Neutral to Outperform as we expect it to perform well above the broader market.
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