Needham analyst Rajvindra Gill raised his price target for Microchip (MCHP) to $70 from $60 following a "significant" quarter beat and raise. The analyst remains confident on the company's long-term earnings power and possible upside over the next several quarters as it folds Atmel's (ATML) operations into its efficient operating model. Gill reiterates a Buy rating on Microship's shares.

The aviation industry's requirements for the latest, most efficient and lowest-emission aircraft is propelled by an overarching goal towards sustainability and decarbonization. To satisfy these goals, aviation power systems developers are transitioning to electric actuation systems as the trend towards More Electric Aircraft continues to grow. To provide the aviation industry with a comprehensive electric actuation solution, Microchip Technology announces a new integrated actuation power solution that combines companion gate driver boards with our expansive Hybrid Power Drive modules in silicon carbide or silicon technology with a power range of 5 kVA to 20 kVA.