Microchip Technology stock jumps about 4% premarket after sales forecast boost
Microchip Technology shares rose 4.1% to $69.82 in premarket trading after the company raised its fiscal Q3 net sales outlook to about $1.19 billion, above its previous range. The stock closed Monday at $67.06, up 3.12%. CEO Steve Sanghi cited strong bookings and a higher starting backlog for the March quarter. JPMorgan raised its price target to $85 following the update.