Microchip Technology Inc expanded its Gallium Nitride Radio Frequency power device portfolio with new MMICs and discrete transistors covering frequencies up to 20 gigahertz.
devices combine high power-added efficiency and high linearity to deliver new performance levels in applications ranging from 5G to electronic warfare, satellite communications, commercial and defense radar systems, and test equipment.
Jefferies analyst Mark Lipacis raised the price target on Microchip to $109 from $98, implying a 22.7 percent upside, and reiterated a Buy.
rating follows Microchips’s commitment to 7 percent per quarter dividend increases and the immediate launch of share buybacks based on receiving investment-grade ratings from Moody’s and Fitch, which it did in mid-November. Microchip is his top Risk/Reward idea.
MCHP shares traded higher by 5.47 percent at $87.99 on the last check Wednesday.
By Anusuya Lahiri
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Pezou : Microchip Expands Product Portfolio for High-End Electronic Systems