Microchip Technology Incorporated (NASDAQ:MCHP) reported better-than-expected earnings for its fourth quarter.
Microchip Technology posted quarterly earnings of $1.64 per share, beating market expectations of $1.62 per share. The company’s quarterly sales came in at $2.23 billion, versus estimates of $2.23 billion.
Microchip Technology said it sees FY24 adjusted EPS of $1.63 to $1.65 and net sales of $2.255 billion to $2.322 billion.
Microchip Technology shares fell 4.9% to $72.34 in pre-market trading.
These analysts made changes to their price targets on Microchip Technology following earnings announcement.
- Keybanc cut the price target on Microchip Technology from $100 to $95. Keybanc analyst Weston Twigg maintained an Overweight rating.
- Citigroup lowered the price target on Microchip Technology from $85 to $76. Citigroup analyst Christopher Danely maintained a Neutral rating
- Stifel lowered price target on Microchip Technology from $100 to $95. Stifel analyst Tore Svanberg maintained an Equal-Weight rating on the stock.
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