Microchip Technology climbs after improved third-quarter outlook

Shares of chipmaker Microchip Technology MCHP.O rise 2.2% to $57.95 premarket

Co raises Q3 adj. EPS to 40 cents, at the higher end of its prior range of 34-40 cents

Expects net sales at the higher end of its previous range of $1.11 bln to $1.15 bln

CEO Steve Sanghi says company is now performing better than they expected at the time when they announced their initial Q3 forecasts

19 of 27 brokerages rate the stock "buy" or higher and eight "sell"; their median PT is $75, according to data compiled by LSEG

Up to last close, stock down 1.1% YTD compared with a 43.6% gain in the Philadelphia SE Semiconductor index .SOX