Microchip Technology Analysts Boost Their Forecasts After Q4 Results
Portfolio Pulse from Avi Kapoor
Microchip Technology Incorporated (NASDAQ:MCHP) reported Q4 earnings in line with estimates, posting GAAP earnings of 57 cents per share and sales of $1.33 billion. The company raised its quarterly cash dividend by 18.0% to 45.2 cents per share. Despite a 9.5% revenue decline to $7.6 billion in fiscal 2024 due to inventory correction, the company achieved a non-GAAP operating margin of 43.9% and returned $1.89 billion to shareholders. Following the earnings announcement, analysts from Mizuho, Needham, Susquehanna, and Truist Securities raised their price targets on MCHP.
May 07, 2024 | 12:42 pm
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POSITIVE IMPACT
Microchip Technology reported in-line Q4 earnings, raised its dividend, and saw a positive response from analysts raising price targets.
The in-line earnings report, combined with a significant dividend increase and positive adjustments in analyst price targets, suggests a bullish outlook for MCHP in the short term. The company's ability to navigate fiscal challenges while rewarding shareholders is likely to bolster investor confidence, contributing to the stock's positive momentum.
CONFIDENCE 95
IMPORTANCE 90
RELEVANCE 100