Microchip Tech falls after Q1 results

Microchip Technology's MCHP.O shares down 7.79% at $61.06 premarket

Co posts net sales of $1.08 billion for Q1, beating estimates of $1.05 billion

However, co forecasts current quarter net sales between $1.11 billion and $1.15 billion, in line with analysts' average estimate of $1.13 billion, according to data compiled by LSEG

At least three brokerages raise PTs on the stock; one cuts

"As with peers, demand is improving across nearly all end markets, though not rebounding sharply, with auto lagging" - TD Cowen

Underutilization charges and inventory write-downs continue to weigh on margin, brokerage adds

Avg rating of 26 brokerages is "buy"; their median PT is $78, as per data compiled by LSEG

YTD, stock up 15.4%