Microchip Technology dips as Q4 profit forecast falls below estimates

Shares of Microchip Technology MCHP.O fall nearly 1.6% to $76.83 in premarket trading

Chipmaker forecast fourth-quarter profit below Wall Street estimates on Thursday, raising concerns about the impact of a memory supply crunch on the semiconductor industry

J.P. Morgan raises PT to $95 from $85; maintains "overweight" rating

Brokerage says co could reach its long-term gross margin target by eliminating underutilization charges

But says that realizing this benefit will likely take longer than the current forecast period, as fab utilization remains "quite low"

27 analysts rate the stock "buy" on average; their median PT is $90 - data compiled by LSEG

As of last close, MCHP fell nearly 46% in the past 12 months