Microchip Technology Incorporated (MCHP) is set to release its fourth-quarter earnings after the market closes on May 6. Despite recent news of the acquisition of Neuronix AI Labs, analysts predict 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. Benzinga provides readers with access to the latest analyst ratings for Microchip Technology on its Analyst Stock Ratings page, allowing them to sort by various criteria and see accurate ratings from some of the most reputable analysts in the industry.
Recent analyst ratings show that Stifel analyst Tore Svanberg maintained a Buy rating and raised his price target from $98 to $102 on May 1st. Evercore ISI Group analyst Mark Lipacis initiated coverage with an Outperform rating and a price target of $106 on April 16th. Goldman Sachs analyst Toshiya Hari maintained a Neutral rating and lowered his price target from $87 to $77 on February 5th. UBS analyst Pradeep Ramani kept a Buy rating and reduced his price target from $105 to $95 on February 2nd. Needham analyst Quinn Bolton maintained a Buy rating and increased his price target from $85 to $90 on February 2nd as well.
It’s important for readers to remember that Benzinga does not provide investment advice and all rights are reserved.
In conclusion, despite recent news of an acquisition by Microchip Technology Incorporated (MCHP), earnings are expected to decrease for their fourth-quarter release in May with revenue also decreasing compared to previous years