What Sent These 10 Stocks Soaring Today?

4. Microchip Technology Inc. (NASDAQ:MCHP)

Microchip Technology saw its share prices jump by 12.6 percent on Friday to end at $55.33 apiece as investors loaded up positions after earning a rating upgrade from Bank of America.

In its market note, Bank of America raised Microchip Technology Inc. (NASDAQ:MCHP) to Neutral from Underperform amid the latter’s early signs of sales recovery, aggressive cost-cutting measures, and renewed strategic focus under its returning CEO.

“The return of well-regarded prior CEO Steve Sanghi has greatly enhanced the level of restructuring urgency and customer/product focus at Microchip,” Bank of America said.

Additionally, the investment firm raised its price target for Microchip Technology Inc. (NASDAQ:MCHP) to $56 from $44 previously, albeit just a 1.2 percent upside from its latest closing price.

Still, it said that it was confident about the semiconductor manufacturer’s earnings potential.

“Even a modest sales rebound could translate into outsized earnings leverage,” it said.

In the first quarter of the year, the company swung to a net loss attributable to shareholders of $156.8 million from a $154.7 million net profit in the same period last year. Net sales dropped by 27 percent to $970.5 million from $1.325 billion year-on-year.