- After the company reaffirmed December quarter guidance, Raymond James analyst Melissa Fairbanks reiterated a Strong Buy rating on Microchip Technology Inc (NASDAQ:MCHP).
- While management is not hosting a call with investors until full results are out, the announcement indicated backlog and demand remain strong, and select components and technologies remain supply constrained.
- The current outlook (unchanged) reflects sequential growth between 3-5%. While the company has a history of narrowing the guidance range with mid-quarter updates, she believes the more comprehensive range accounts for some uncertainty, given macro concerns.
- Net, she believes MCHP’s PSP program provides reliability high visibility into genuine end market demand, as customers commit only their highest conviction orders to the non-cancellable and non-refundable terms of the agreement, and unsupported backlog reached another record high in the September quarter.
- She expects to get additional color regarding current supply and demand dynamics next week when CFO Eric Bjornholt presents at the Raymond James Technology Investors Conference on December 6.
- Price Action: MCHP shares traded lower by 0.09% at $74.27 on the last check Tuesday.
Here’s How Much Marjorie Taylor Greene May Have Lost From Investing In The Donald Trump SPAC Deal
A SPAC merger plans to bring former President Donald Trump’s new social media platform and media assets public. The SPAC saw a huge increase in its share price in 2021 after the deal was announced.
A member of the U.S. Congress was one of the people who bought shares of the SPAC. Here’s a look at the potential loss the Congress member now has.
