Microchip Stock Jumps as Analysts Raise Price Targets on Strong Outlook
Key Takeaways
- Microchip Technology shares soared Friday after the chipmaker issued a better-than-expected outlook, and several analysts raised their price targets for the stock.
- Jefferies analysts said they see a “sharp snap back” in the next few quarters, after a steep revenue decline in the fiscal fourth quarter.
- Even with Friday’s gains, the stock has lost about 40% over the past 12 months.
Microchip Technology (MCHP) shares surged Friday after the struggling chipmaker issued a better-than-expected forecast, and several analysts raised their price targets for the stock.
Shares were up over 10% in recent trading near $55, though even with Friday’s gains, the stock has lost about 40% of its value over the past 12 months.
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