Microchip Technology Incorporated (MCHP) is set to release its fourth-quarter earnings results on May 6, after the market closes. Analysts predict that the company, based in Chandler, Arizona, 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 come in at $1.33 billion, down from $2.23 billion in the prior-year quarter, according to data from Benzinga Pro.
On April 15, Microchip Technology announced the acquisition of Neuronix AI Labs, although specific terms of the deal were not disclosed. Following this news, the company’s shares rose 2.1% to close at $91.36 on Friday. Benzinga readers can access the latest analyst ratings for Microchip Technology on the Analyst Stock Ratings page, where they can sort by various variables such as stock ticker, company name, and rating changes.
In recent reports, several analysts have provided insights into the company. Stifel analyst Tore Svanberg maintained a Buy rating and increased the price target from $98 to $102 on May 1, with an accuracy rate of 77%. Evercore ISI Group analyst Mark Lipacis initiated coverage with an Outperform rating and a price target of $106 on April 16, boasting an accuracy rate of 78%. Meanwhile, analysts from Goldman Sachs, UBS, and Needham have also provided their ratings and price targets on Microchip Technology.
As investors await the earnings release
