Benzinga | Oct 14, 2021 10:14AM EDT

Analysts See Ample Upside In Microchip Technology

* Stifel analyst Tore Svanberg initiated coverage of Microchip Technology Inc (NASDAQ:MCHP) with a Hold rating and a $76 Price Target, implying an 6% upside.

* With the shares up 156% from the pandemic lows, the analyst believes Microchip's "recent strong execution" is already largely priced into the stock.

* Further, the company's "large exposure to broad-based markets and very extended lead-times" could leave it more exposed to a potentially "lead-time-driven correction in the overall analog/mixed-signal semiconductor markets," Svanberg notes.

* Morgan Stanley maintained an Overweight and adjusted the PT to $95, implying a 33% upside.

* UBS analyst Pradeep Ramani initiated coverage with a Neutral rating and a $154 PT, implying a 115% upside.

* The company is a "consistent late-cycle defensive name," Ramani notes.

* He would recommend that investors wait until later in the cycle.

* Wells Fargo analyst Gary Mobley lowered the price target to $155 from $165, implying a 117% upside. Mobley reiterated an Equal Weight rating.

* Price Action: MCHP shares traded higher by 1.80% at $71.51 on the last check Thursday.