Microchip Technology Inc (NASDAQ:MCHP) reported Q3 earnings with net sales of $1.766 billion, down 18.6% Y/Y, missing consensus by a slight margin. Adjusted EPS was $1.08, surpassing the consensus of $1.04. The company experienced a decline in adjusted gross and operating margins. The Q4 outlook is below consensus expectations, with projected net sales and adjusted EPS significantly lower than estimates. Following the report, Needham raised its price target on MCHP from $85 to $90, while Susquehanna reduced its target from $105 to $100.