Reported 2 days ago
Microchip Technology Inc. (NASDAQ:MCHP) experienced a significant 12.6% rise in its stock price on Friday, closing at $55.33, following a rating upgrade from Bank of America, which shifted its stance from Underperform to Neutral. This positive change was attributed to signs of a sales recovery, strategic focus under returning CEO Steve Sanghi, and cost-cutting measures. The investment firm also raised its price target for MCHP to $56, expressing confidence in the company's earnings potential despite recent financial challenges.
Source: YAHOO