Microchip price target raised to $94 from $85 at Truist

Truist analyst William Stein raised the firm’s price target on Microchip to $94 from $85 and keeps a Buy rating on the shares after its Q4 earnings beat. While the company is acknowledging the same trends as its peers with shorter lead times, lower bookings, and push-outs, investors are likely under-appreciating its favorable end-market exposure and integration benefits from Microsemi, the analyst tells investors in a research note.