Microchip Technology (MCHP) shares surged 9.9% to close at $90.64 in the latest trading session, driven by robust trading volume. Over the past month, the stock has gained 26.6%. The company is experiencing increasing demand across various sectors, including AI data centers and automotive systems.
For the upcoming quarterly earnings report, Microchip is projected to deliver earnings of $0.50 per share, a year-over-year increase of 354.6%, with revenues expected at $1.27 billion, up 30.8% from the previous year. The consensus EPS estimate has been revised 2.4% higher in the last 30 days, hinting at potential price appreciation.
Meanwhile, Semtech Corporation (SMTC) also saw gains, finishing 1.8% higher at $105.34, and is forecasted to report an EPS of $0.45, up 18.4% year-over-year. Semtech currently holds a Zacks Rank of #3 (Hold), while Microchip retains a Zacks Rank of #2 (Buy).
