Microchip Technology climbs after improved third-quarter outlook

Microchip Technology

03/12/2025 09:39

** Shares of chipmaker Microchip Technology MCHP.O rise 2.2% to $57.95 premarket

** Co raises Q3 adj. EPS to 40 cents, at the higher end of its prior range of 34-40 cents

** Expects net sales at the higher end of its previous range of $1.11 bln to $1.15 bln

 ** CEO Steve Sanghi says company is now performing better than they expected at the time when they announced their initial Q3 forecasts

** 19 of 27 brokerages rate the stock "buy" or higher and eight "sell"; their median PT is $75, according to data compiled by LSEG

** Up to last close, stock down 1.1% YTD compared with a 43.6% gain in the Philadelphia SE Semiconductor index .SOX

 (Reporting by Avinash P in Bengaluru)

 ((Avinash.P@thomsonreuters.com))