Microchip Technology Incorporated (MCHP) is set to release its fourth-quarter earnings after the market closes on May 6. Despite recent news of an acquisition, analysts are predicting that the Chandler, Arizona-based company will report earnings of 57 cents per share, a decrease from $1.64 per share in the same quarter last year. Revenue is expected to be $1.33 billion, down from $2.23 billion in the previous year.
On April 15, Microchip Technology announced the acquisition of Neuronix AI Labs, although the terms of the deal were not disclosed. Despite this news, the company’s shares rose by 2.1% to close at $91.36 on Friday. Readers can access the latest analyst ratings for the company on Benzinga’s Analyst Stock Ratings page, sorting by various criteria.
Some of Benzinga’s most accurate analysts have recently rated Microchip Technology with a Buy rating from Stifel analyst Tore Svanberg and Evercore ISI Group analyst Mark Lipacis who raised their price target from $98 to $102 and initiated coverage with an Outperform rating respectively on May 1st and April 16th respectively. Goldman Sachs analyst Toshiya Hari maintained a Neutral rating and lowered his price target from $87 to $77 on Feb 5th while UBS analyst Pradeep Ramani kept a Buy rating and reduced his price target from $105 to $95 on Feb 2nd . Needham analyst Quinn Bolton also maintained a Buy rating and increased his price target from $85 to $90 on Feb 2nd . It is worth noting that Benzinga does not provide investment advice and all rights are reserved