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Susquehanna Thinks Microchip’s Stock is Going to Recover

Susquehanna analyst Christopher Rolland maintained a Buy rating on Microchip (MCHPResearch Report) on May 31 and set a price target of $100.00. The company’s shares closed last Friday at $64.15, close to its 52-week low of $63.34.

According to TipRanks.com, Rolland is a top 100 analyst with an average return of 24.6% and a 69.0% success rate. Rolland covers the Technology sector, focusing on stocks such as Advanced Micro Devices, Lattice Semiconductor, and Power Integrations.

Microchip has an analyst consensus of Moderate Buy, with a price target consensus of $86.82, a 33.0% upside from current levels. In a report issued on June 10, Morgan Stanley also maintained a Buy rating on the stock with a $81.00 price target.

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Based on Microchip’s latest earnings release for the quarter ending March 31, the company reported a quarterly revenue of $1.84 billion and net profit of $438 million. In comparison, last year the company earned revenue of $1.47 billion and had a net profit of $116 million.

Based on the recent corporate insider activity of 92 insiders, corporate insider sentiment is positive on the stock. This means that over the past quarter there has been an increase of insiders buying their shares of MCHP in relation to earlier this year.

TipRanks has tracked 36,000 company insiders and found that a few of them are better than others when it comes to timing their transactions. See which 3 stocks are most likely to make moves following their insider activities.

Founded in 1989, Arizona-based Microchip Technology, Inc. is a leading provider of smart, connected and secure embedded control solutions. The company’s solutions serve more than 120,000 customers across the industrial, automotive, consumer, aerospace and defense, communications and computing markets.

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