Argus analyst Jim Kelleher raised his price target on Microchip (MCHP) to $115 and kept his Buy rating after the company closed its acquisition of Microsemi (MSCC), saying the combination of the two companies will combine operating efficiencies that will drive margin expansion going forward. The analyst also sees the deal strengthening its presence in the non-technology markets such as aerospace-defense as well as the fast-growing technology markets like data center and communication infrastructure. Kelleher further notes that valuation on Microchip stands at 11.4-times his expected FY20 EPS, while its two-year average of 12.0-times is below the historical P/E of 14.2-times.