Microchip Technology up after Mizuho upgrades to 'buy'
** Shares of chipmaker Microchip Technology MCHP.O up 1.8% at $99.9 after Mizuho upgrades to "buy" from "neutral"
** Brokerage also raises PT to $115 from $85 on improving fundamentals through second half of this year, MCHP "positioned well to 2025"
** Mizhuho says after 3 years of underperformance, MCHP has the potential to recover and could start to catch up with the Philadelphia SE Semiconductor Index .SOX
** While auto demand shows signs of stabilizing, "the cycle could shift towards recovery as secular demand drivers remain in place"
** Mizuho also upgrades peer NXP Semiconductors NXPI.O to "buy" from "neutral" and hikes PT to $325 from $265
** NXPI shares up 1.5% at $276.9
** Out of 26 analysts tracking MCHP, 8 rate "hold", 18 "buy" or higher
** MCHP is up 8.3% YTD as of last close, compared with a 22.8% gain in SOX
Reporting by Pranav Kashyap in Bengaluru
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