Microchip Technology Incorporated (MCHP) is set to announce its fourth-quarter earnings after the market closes on May 6. Despite the company’s acquisition of Neuronix AI Labs, which was announced on April 15, analysts predict that MCHP will report earnings of only 57 cents per share, a decrease from $1.64 per share in the same quarter last year. Revenue for the quarter is estimated to be $1.33 billion, lower than the $2.23 billion reported in the year-ago quarter.
Analysts have provided ratings and price targets for Microchip Technology recently, with Stifel analyst Tore Svanberg reiterating a Buy rating and raising 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 reduced the price target from $87 to $77 on Feb. 5. UBS analyst Pradeep Ramani kept a Buy rating and lowered the price target from $105 to $95 on Feb. 2. Lastly, Needham analyst Quinn Bolton maintained a Buy rating and increased the price target from $85 to $90 on Feb. 2.
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