Microchip Technology up after Mizuho hikes PT

Shares of Microchip Technology MCHP.O up 2.5% at $67.18 premarket after Mizuho raises price target to $80 from $75; reiterates “Outperform”

Brokerage cites stronger bookings into March quarter; raises FY26 revenue estimates to $4.59 and profit forecast to $1.47 per share, compared to earlier expectations of $4.55 and $1.43 per share

Mizuho says industrials positioned for recovery despite EV headwinds; defense and renewable energy demand supportive

FY27 revenue/EPS forecast lifted to $5.61 bln/$2.58

19 of 27 analysts rate stock "buy" or higher, eight rate it "hold"; median PT at $75 - data compiled by LSEG

As of last close, MCHP shares up 17.1% YTD