Microchip Remains Well Positioned to Move Past Sluggish Near-Term Demand; Maintain $112 FVE
Microchip's fiscal second quarter was messy after its recent acquisition of Microsemi, but in our view, the company reported decent results. The firm's third-quarter forecast was predictably weak in light of sluggish chip demand in China, consistent with comments from peers in recent weeks. Nonetheless, we were encouraged that the firm's prior synergy targets were reiterated, if not called conservative. Despite soft near-term demand, and even though Microchip carries far more leverage than its p...Microchip Technology develops, manufactures and sells semiconductor products. The company's product portfolio comprises general purpose and other eight-bit, 16-bit, 32-bit microcontrollers, 32-bit microprocessors, field-programmable gate array products, a range of linear, mixed-signal, power management, thermal management, discrete diodes, Metal Oxide Semiconductor Field Effect Transistors, radio frequency, timing, timing systems, safety, security, wired connectivity and wireless connectivity devices, serial Electrically Erasable Programmable Read Only Memory, Serial Flash memories, Parallel Flash memories, Serial Electrically Erasable Random Access Memory and serial Static Random Access Memory.
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