Microchip's Long-Term Earnings Remain Promising Despite Near-Term Sales Concerns; Maintain $112 FVE
Microchip's fiscal first-quarter earnings report and second-quarter forecast were noisy and eventful, as the firm incorporated its recent sizable acquisition of Microsemi, noted strategic steps to improve this newly acquired business and cited a handful of headwinds with various near-term implications for short-term revenue for both the combined Microchip and, perhaps, for many other broad-based chipmakers. We are mildly concerned that management was cautious about chip demand associated with pr...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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