Microchip Technology, Inc. (MCHP) and Rogers Corporation (ROG) Investor Day in Phoenix
On March 7, B. Riley FBR is hosting a trip to Microchip Technology’s and Rogers Corporation’s headquarters in Phoenix (Chandler) ahead of ON Semiconductor’s analyst day in Phoenix (Scottsdale) on March 8. Despite a variety of macro and industry headwinds, MCHP has executed better than other Analog peers. With high quality exposure to MCU and Analog growth drivers (~83% of sales) and strong integration execution with the recent Microsemi acquisition, we feel comfortable in Microchip’s growth prospects and value amid a volatile market. Alpha Generator ROG is well-positioned for key technology drivers such as 5G infrastructure, autopilot/advanced driver assist, and hybrid and energy efficient vehicles. Overall, we believe high single digit year-over-year organic growth is posssible, with low teens growth in faster growing segments, which are the majority of sales and GDP+ in areas like general industrial. |