Microchip Technology Incorporated (MCHP) is set to announce its fourth-quarter earnings after the market closes on May 6. According to recent reports, the company is expected to report earnings of 57 cents per share, a decrease from $1.64 per share in the same quarter the previous year. Revenue for the quarter is estimated to be $1.33 billion, lower than the $2.23 billion reported in the year-ago quarter.
In April 2021, Microchip Technology announced its acquisition of Neuronix AI Labs. The terms of the deal were not disclosed at that time. Following this news, MCHP shares rose by 2.1% and closed at $91.36 on Friday.
Recent analyst ratings and price targets for MCHP have been released by several industry experts. On May 1, Stifel analyst Tore Svanberg reiterated a Buy rating and increased the price target from $98 to $102 for MCHP shares. Evercore ISI Group analyst Mark Lipacis initiated coverage with an Outperform rating and a price target of $106 for MCHP on April 16th, while Goldman Sachs analyst Toshiya Hari maintained a Neutral rating and reduced the price target from $87 to $77 on February 5th this year. UBS analyst Pradeep Ramani kept a Buy rating but lowered his price target from $105 to $95 on February 2nd while Needham analyst Quinn Bolton also kept a Buy rating but raised his price target from $85 to $90 on February 2nd .
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