Wolfe Research boosted price targets for Microchip Technology and Analog Devices ahead of fourth-quarter earnings, citing stronger-than-expected results and firming demand. The firm raised Microchip’s target to $90 from $76, expecting well-above-seasonal growth in the March quarter.

Analysts anticipate mixed but stable commentary from analog chipmakers, with no widespread downturn expected. Microchip is seen as the most bullish among peers, benefiting from recent positive pre-announcements. Analog Devices gained a $330 target due to company-specific strengths and sector momentum.

Wolfe favors Monolithic Power Systems for AI exposure and views Texas Instruments positively as capital spending slows. The firm also raised its outlook on Advanced Micro Devices, expecting AI-driven earnings beyond $10 per share by late 2026 despite near-term PC and server headwinds.