We View Shares of Microchip Technology as Attractively Valued; Maintain $97 FVE
We continue to see an attractive margin of safety for investors in wide-moat Microchip Technology, thanks to both the U.S. stock market correction in early February and a post-earnings sell-off associated with near-term revenue growth deceleration. We still view the sales growth deceleration as quite normal, in light of looming tough comparisons after a stellar calendar 2017 for Microchip and its peer group, and we can justify our valuation even if the firm were to fall modestly short from its l...
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