Summit Redstone analyst Lena Zhang upgraded Microchip to Buy to Hold and raised its price target to $82 from $66 following recent channel checks that indicate semiconductor supply remains tight. Zhang said since Microchip raised prices for Atmel's products in mid 2016, only some customers in the consumer end markets have switched to other suppliers, easing her concerns of potential market share losses.

BofA raised the firm's price target on Texas Instruments (TXN) to $190 from $175 and keeps a Neutral rating on the shares. TI's small Q1 beat and inline but sequentially rising Q2 sales guidance, "while modest, potentially marks a recovery inflection in industrial chip demand," with positive read-across for U.S. peers such as Analog Devices (ADI), Microchip (MCHP), NXP Semiconductors (NXPI) and On Semiconductor (ON), the analyst tells investors. However, despite an expected recovery, TI's sustained high capex intensity could keep reported calendar year 2024-26 pro-forma EPS below $6 per share, the analyst added.

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