Raymond James analyst Christopher Caso raised his price target for Microchip to $125 from $115 and reiterated a Strong Buy rating following December quarter results. After two modest positive preannouncements over the last two months, Microchip's report continued to deliver upside, as it guided to better than seasonal trends in the March quarter, on broadly improving order trends, with some customers going so far as to expedite product previously in June quarter backlog, Caso 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.