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Microchip Technology Q4 Results, Guidance Top Estimates as Recovery Broadens, BofA Says

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Microchip Technology (MCHP) delivered Q4 results and guidance above Wall Street expectations, reinforcing signs of a broadening "recovery," BofA Securities said in a report Friday.

The semiconductor company reported Q4 sales of $1.31 billion and earnings of $0.57 per share, topping Wall Street expectations by 4% and 13%, respectively. Q1 guidance for revenue of $1.46 billion and earnings of $0.69 per share also came in ahead of consensus estimates and implied sequential sales growth of 11%, according to the report.

The firm said "recovery signals are strengthening" as distributor inventory normalizes, customer engagement improves and April bookings reach their highest level in nearly four years.

The firm also pointed to growing momentum in aerospace and defense, data center pipeline demand including retimer components, networking, field programmable gate array, or FPGA, and artificial intelligence markets, supported by PCIe Gen6 switch wins, according to the report.

BofA raised Microchip Technology's 2026 and 2027 earnings estimates by 17% and 8%, respectively, citing improving gross margins, higher utilization rates and continued execution of the company's turnaround strategy, while reiterating a buy rating and raising its price target to $122 from $112.

Price: $98.25, Change: $-3.33, Percent Change: -3.28%

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