Piper Jaffray anlayst Harsh Kumar reiterates an Overweight rating on Microchip Technology with a $130 price target after meeting with management at the company's headquarters. The analyst left more confident that the March quarter "represents the bottom" and that Microchip is gaining traction towards growth. The business is stabilizing and should experience a strong second half of the year assuming no further macro deterioration, Kumar tells investors in a research note.

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.