- 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.
UPDATE: Philip Morris International Revises FY23 Outlook: Adj Diluted EPS $6.05 – $6.08 (From $5.96 – $6.05 Prior On Sept. 28) vs. $6.09 Estimate, GAAP EPS $4.95 – $4.98
2023 FULL-YEAR FORECAST Full-Year 2023
2023 FULL-YEAR FORECAST
Full-Year
2023
