Citi analyst Christopher Danely raised the firm’s price target on Microchip (MCHP) to $74 from $62 and keeps a Neutral rating on the shares. Though Danely expects consensus estimates for the U.S. semiconductors group to further decline during earnings season driven by continued downside from the PC, wireless, consumer and auto end markets, he thinks Europe appears to be holding up better than expected and he expects companies such as Microchip and ON Semiconductor (ON) to "remain bullish during earnings," he tells investors. In that context, he is initiating a "positive catalyst watch" on Microchip and ON ahead of the earnings season. Danely keeps a Buy rating and $75 price target on ON Semi shares.
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