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Upgrade Alert for Microchip Technology (MCHP)
Mar 05, 2013 (SmarTrend(R) Upgrades/Downgrades via COMTEX) --
Microchip Technology (NASDAQ:MCHP) was upgraded from Buy to Strong Buy at ISI Group today. The stock closed yesterday at $36.34 on volume of 1.6 million shares, below average daily volume of 2.2 million. Microchip Technology share prices have moved between a 52-week high of $41.50 and a 52-week low of $28.92 and closed yesterday at 26% above that low price at $36.34 per share. The 200-day and 50-day moving averages have moved 0.21% higher and 0.79% higher over the past week, respectively.
Microchip Technology Incorporated designs, manufactures, and markets microcontrollers, related mixed-signal and memory products, and application development systems for high-volume embedded control applications. The Company also designs, develops, and markets linear/mixed-signal, power management, and thermal management products.
Potential upside of 7.9% exists for Microchip Technology, based on a current level of $36.34 and analysts' average consensus price target of $39.21. The stock should find initial support at its 50-day moving average (MA) of $34.34 and further support at its 200-day MA of $32.89.
SmarTrend recommended that subscribers consider buying shares of Microchip Technology on December 11th, 2012 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $31.42. Since that recommendation, shares of Microchip Technology have risen 15.7%. We continue to monitor MCHP for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.
Write to Chip Brian at cbrian@mysmartrend.com
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