BUZZ-Microchip slips after forecasting Q4 net sales, profit below estimates

Chipmaker Microchip Technology's MCHP.O shares fall 6.5% to $49.66 premarket

Co expects Q4 net sales of $920 mln to $1 bln, compared with analysts' average estimate of $1.06 bln, according to data compiled by LSEG

Co sees adjusted profit per share between 5 cents and 15 cents vs estimates of 27 cents - LSEG

Excluding one-off items, co reports Q3 EPS of 20 cents, below estimates of 27 cents, which aligns with their November warning of lower Q3 revenue and profit

Peer NXP Semiconductors NXPI.O forecast downbeat Q1 rev on Monday, indicating sluggish demand for its chips from industrial and automotive customers

Average rating of 25 brokerages covering MCHP is "buy", their breakdown is 17 "buy" or higher, seven "hold" and one "sell"; their median PT $69 - LSEG

MCHP fell 36.4% in 2024; as of last close, shares down 7.4% YTD