Benzinga - by Avi Kapoor, Benzinga Staff Writer.
Microchip Technology Incorporated (NASDAQ:MCHP) is expected to release earnings results for its fourth quarter, after the closing bell on May 6.
Analysts expect the Chandler, Arizona-based company to report quarterly earnings at 57 cents per share, down from $1.64 per share in the year-ago quarter. Microchip Technology is projected to report quarterly revenue of $1.33 billion, compared to $2.23 billion in the year-earlier quarter, according to data from Benzinga Pro.
On April 15, Microchip Technology said it has acquired Neuronix AI Labs. However, terms of the deal were not fisclosed.
Microchip Technology shares rose 2.1% to close at $91.36 on Friday.
Benzinga readers can access the latest analyst ratings on the Analyst Stock Ratings page. Readers can sort by stock ticker, company name, analyst firm, rating change or other variables.
Let's have a look at how Benzinga's most-accurate analysts have rated the company in the recent period.
- Stifel analyst Tore Svanberg maintained a Buy rating and raised the price target from $98 to $102 on May 1. This analyst has an accuracy rate of 77%.
- Evercore ISI Group analyst Mark Lipacis initiated coverage on the stock with an Outperform rating and a price target of $106 on April 16. This analyst has an accuracy rate of 78%.
- Goldman Sachs analyst Toshiya Hari maintained a Neutral rating and cut the price target from $87 to $77 on Feb. 5. This analyst has an accuracy rate of 80%.
- UBS analyst Pradeep Ramani maintained a Buy rating and cut the price target from $105 to $95 on Feb. 2. This analyst has an accuracy rate of 76%.
- Needham analyst Quinn Bolton maintained a Buy rating and increased the price target from $85 to $90 on Feb. 2. This analyst has an accuracy rate of 82%.
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