Zacks Investment Research upgraded shares of Microchip Technology Inc (MCHP) from UNDERPERFORM to NEUTRAL on February 11, 2013, with a target price of $38.00.
Microchip reported modest third quarter results as revenues increased while earnings decreased year over year driven by higher expenses. 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. Going forward the company expects strong bookings and robust business in activities driven by strong demand in design win pipeline. However, uncertain economic environment, coupled with softness in the memory business continue to plague Microchip. Nevertheless, we have changed our long-term recommendation from Underperform to Neutral as we expect the stock to perform in-line with the broader market.
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