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Stifel analyst Tore Svanberg raised the firm’s price target on Microchip (MCHP) to $70 from $60 and keeps a Buy rating on the shares after fiscal Q4 results were higher than estimates, the fiscal Q1 outlook was above expectations, and management provided an update on its “Nine Point Recovery Plan.” The firm believes Microchip continues to move in the right direction, swiftly executing meaningful changes with immediate and long-term positive effects, the analyst tells investors in a post-earnings note.

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