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Investing.com - Stifel maintained its Buy rating on Microchip Technology (NASDAQ:MCHP) with a price target of $75.00 on Wednesday. The stock currently trades at $56.71, with analyst targets ranging from $56 to $88, suggesting potential upside of up to 35% according to InvestingPro data.
The research firm’s decision follows positive commentary from Microchip’s management regarding stronger-than-anticipated booking activity through November, indicating better business performance than expected at the time of the company’s fiscal third quarter 2026 earnings call.
Microchip’s CEO and President Steve Sanghi specifically noted in a press release that the company’s backlog is filling in better than expected for the current quarter and is "growing nicely" into fiscal fourth quarter 2026.
Stifel analyst Tore Svanberg highlighted these developments as evidence that Microchip Technology is successfully executing its 9-Point Recovery Plan.
The firm believes Microchip is making progress toward achieving its long-term business model objectives, supporting the maintained Buy rating and $75.00 price target.
In other recent news, Microchip Technology has updated its guidance for the third quarter of fiscal 2026, now projecting net sales of approximately $1.149 billion. This represents a 12% year-over-year increase and a sequential growth of around 1%. The company had previously anticipated a midpoint guidance of $1.13 billion but has now raised expectations due to stronger-than-expected bookings. KeyBanc has reiterated an Overweight rating on the stock with a price target of $85.00, following the positive pre-announcement. Conversely, Truist Securities has lowered its price target to $60.00 while maintaining a Hold rating, citing disappointing guidance for the next quarter. In product news, Microchip introduced two new low-power digital power monitors designed for battery-operated devices, featuring real-time system alerts. These developments are part of the company’s ongoing efforts to enhance its product offerings and financial performance.
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