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Upgrade Alert for Microchip Technology (MCHP)

By David Diaz

Microchip Technology (NASDAQ:MCHP) was upgraded from Neutral to Buy at BofA/Merrill today. The stock closed yesterday at $63.96 on volume of 5.1 million shares, above average daily volume of 2.2 million.

Over the past year, Microchip Technology has traded in a range of $28.92 to $63.11 and closed yesterday at $63.96, 121% above that low. Over the last five market days, the 200-day moving average (MA) has gone up 0.2% while the 50-day MA has advanced 1.0%.

Microchip Technology (NASDAQ:MCHP) defies analysts with a current price ($63.96) 17.7% above its average consensus price target of $52.64. The stock should discover initial support at its 50-day moving average (MA) of $48.13 and subsequent support at its 200-day MA of $45.36.

Microchip Technology Incorporated designs, manufactures, and markets microcontrollers, related mixed-signal and memory products, and application development systems for high-volume embedded control applications. The Company also designs, develops, and markets linear/mixed-signal, power management, and thermal management products.

SmarTrend is tracking the current trend status for Microchip Technology and will alert subscribers who have MCHP in their portfolio or watchlist when shares have changed trend direction.

Keywords: analyst upgrades/downgrades microchip technology

Ticker(s): MCHP