Microchip price target raised to $80 from $77 at Stifel

Stifel analyst Tore Svanberg raised the firm’s price target on Microchip to $80 from $77 and keeps a Buy rating on the shares after the company reiterated its quarterly guidance initially issued on November 3 and reaffirmed its March quarter sequential growth expectations. He continues to believe that Microchip can manage a "softer landing relative to peers" during the broader industry correction, Svanberg tells investors.