Microchip Technology Incorporated (MCHP) is set to release its fourth-quarter earnings after the market closes on May 6. Analysts predict that the 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, where they can sort by various criteria.
Some of Benzinga’s most accurate analysts have recently rated Microchip Technology. Stifel analyst Tore Svanberg maintained a Buy rating and raised the price target from $98 to $102 on May 1. Evercore ISI Group analyst Mark Lipacis initiated coverage with an Outperform rating and a price target of $106 on April 16. Goldman Sachs analyst Toshiya Hari maintained a Neutral rating and lowered the price target from $87 to $77 on Feb. 5
