BUZZ-Microchip Tech rises on higher-than-expected Q1 forecast

Microchip Technology Incorporated

Microchip Technology Incorporated

MCHP

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** Microchip Technology MCHP.O shares rise 2.4% to $103.96 in premarket trading; set to open at record high if current trends hold

** Co forecasts Q1 revenue between $1.44 bln and $1.47 bln, above analysts' estimates, betting on strong demand for its chips used in industrial and automotive sectors

** Analysts on average expect Q1 revenue of $1.34 bln - data compiled by LSEG

** MCHP's premarket price of $103.95 is above its all-time intraday high of $103.24 hit touched on Wednesday

** Shares have rallied ~59.4% YTD, outpacing Nasdaq's .IXIC ~11% gain


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