Needham & Company Initiates Coverage of Microchip Technology (MCHP)

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Needham & Company reported on Friday that they have initiated coverage of semiconductor manufacturer, Microchip Technology Inc.( MCHP ).

The firm announced that they have begun coverage of MCHP, and have given the company a "Buy" rating, with a $37 price target. This price target suggests a 17% increase from the stock's current price of $30.51.

Analysts see MCHP as a strong company in the semiconductor industry, and view the company positively regarding acquisitions and valuation.

Microchip Technology shares were mostly flat during premarket trading Friday. The stock is down -16.7% YTD.

The Bottom Line
Shares of Microchip Technology ( MCHP ) have a 4.62% dividend yield, based on last night's closing stock price of $30.51. The stock has technical support in the $27-$28 price area. If the shares can firm up, we see overhead resistance around the $32-$33 price levels.

Microchip Technology Inc.( MCHP )is not recommended at this time, holding a Dividend.com DARS™ Rating of 3.3 out of 5 stars.

Be sure to visit our complete recommended list of the Best Dividend Stocks , as well as a detailed explanation of our ratings system here .



The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of The NASDAQ OMX Group, Inc.

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This article appears in: Investing , Stocks

Referenced Stocks: MCHP

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