Truist Raises Microchip Target to $68, Stops Short of Calling Stock Undervalued
Truist Securities increased its price target on Microchip Technology to $68 from $60 and retained a Hold rating after the company posted a solid fourth quarter and offered cautious first-quarter guidance that modestly topped consensus. The new target sits below the stock's trading price and peer highs, with Truist saying much of the recovery is alr…