PREVIEW: Microchip Technology rises; investors eye demand recovery

** Microchip Technology's MCHP.O shares advancing 0.2% on Thurs ahead of qtrly results after the bell, with report seen as key test of chip demand rebound and inventory normalization

** Analysts expect qtrly rev down 15% to $1.05 bln and adj EPS at $0.24 vs $0.53 yr-ago, per LSEG

** Co on May 8 forecast qtrly rev between $1.02 bln and $1.07 bln, better than analysts had expected at the time, pointing to a turnaround after a prolonged industry slump

** Analyst consensus estimates suggest MCHP will not see yr/yr rev growth until Dec-qtr

** MCHP stock up about 16% YTD, outperforming Nasdaq .IXIC, which is up 10%
** Stock recently at 35x expected earnings, well above 5-yr avg forward PE of 20