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Microchip Technology Incorporated (MCHP) develops, manufactures, and sells smart, connected, and secure embedded control solutions in the Americas, Europe, and Asia. 
The company offers general purpose 8-bit, 16-bit, and 32-bit microcontrollers; 32-bit embedded microprocessors markets; and specialized microcontrollers for automotive, industrial, computing, communications, lighting, power supplies, motor control, human machine interface, security, wired connectivity, and wireless connectivity applications.
It also provides development tools that enable system designers to program microcontroller and microprocessor products for specific applications; field-programmable gate array (FPGA) products; and analog, interface, mixed signal, and timing products comprising power management, linear, mixed-signal, high-voltage, thermal management, discrete diodes and metal oxide semiconductor field effect transistors (MOSFETS), radio frequency (RF), drivers, safety, security, timing, USB, Ethernet, wireless, and other interface products.
In addition, the company offers memory products consisting of serial electrically erasable programmable read-only memory, serial flash memories, parallel flash memories, serial static random access memories, and serial electrically erasable random access memories for the production of very small footprint devices; and licenses its SuperFlash embedded flash and NVM technologies to foundries, integrated device manufacturers, and design partners for use in the manufacture of microcontroller products, gate array, RF, analog, and neuromorphic compute products that require embedded non-volatile memory, as well as provides engineering services.
On May 9th, MCHP reported Quarter March 2022 earnings of $1.34 per share on revenue of $1.8 billion. The consensus earnings estimate was $1.25 per share on revenue of $1.8 billion. Revenue grew 25.7% on a year-over-year basis. The company reports on August 2.
The U.S Senate approved bipartisan legislation on Wednesday to make the American semiconductor manufacturing industry stronger and more competitive with rivals like China, CNN reports. The bill will go to the House of Representatives next and if approved there, to the President's desk for final a signing. "The legislation is aimed at addressing a semiconductor chip shortage and making the US less reliant on other countries such as China for manufacturing. Supporters say the measure is important not only for US technological innovation, but for national security as well," noted CNN.
Shares have formed a bullish "cup and handle" that is supported by the stock's 50-day moving average. Higher share prices are expected.
Entry Point: $65.50
Stop Loss: $62.75
Trading Range: $54.33 to $90.00
Target Price: $72.10
