What to Expect From Micron Earnings
Micron Technology is scheduled to report its fiscal second-quarter financial results after the markets close on Wednesday.
Micron Technology Inc. (NASDAQ: MU) is scheduled to report its fiscal second-quarter financial results after the markets close on Wednesday. The consensus estimates from Thomson Reuters call for a net loss of $0.08 per share on $3.05 billion in revenue. In the same period of the previous year, the company posted $0.81 in earnings per share and revenue of $4.17 billion.
This is a global leader in advanced semiconductor systems. Its broad portfolio of high-performance memory technologies, including DRAM and NAND and NOR flash, is the basis for solid state drives, modules, multichip packages and other system solutions. The company’s memory chip solutions enable the world’s most innovative computing, consumer, enterprise storage, networking, mobile, embedded and automotive applications.
Credit Suisse recently added the stock to its U.S. Focus List, and the firm sees solid upside for this chip maker in 2016 with an expected potential price return of 74.8%. While that is impressive, investors also have to consider how far this stock has fallen.
JPMorgan noted that while memory demand fundamentals are still muted, and those conditions could continue to persist through the first half of this year, it feels that the company is executing well in a tough environment, and the value at current trading levels is compelling.
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A few other analysts weighed in on Micron ahead of the earnings report:
- Cowen reiterated a Buy rating.
- Raymond James reiterated a Buy rating.
- Merrill Lynch reiterated a Sell rating with a $10 price target.
- Sterne Agee CRT reiterated a Buy rating.
- Barclays reiterated an Overweight rating with a $15 price target.
So far in 2016, the stock has underperformed the broad markets, down 26% year to date. Over the past 52 weeks, the stock is down about 61%.
Shares of Micron were trading up 3.3% at $10.78 on Wednesday, with a consensus analyst price target of $15.46 and a 52-week trading range of $9.31 to $29.78.
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Chris Lange is a financial and geopolitical writer with more than a decade of experience covering a myriad of topics. He has published thousands of articles for 24/7 Wall St., with past coverage focused heavily on stocks, IPOs, healthcare, defense, global affairs, and technology.
His work has been quoted, or referenced by a number of outlets including Business Insider, USA Today, Yahoo Finance, MSN, The Motley Fool, and many other publications. A graduate of Southwestern University, he studied business with a focus on investments and has previous experience in banking and startups.
When not reading or writing the news, he is following his passion for Lacrosse, playing chess, or building solar projects with his dad.
