What to Watch For in Micron Earnings on Tuesday
Micron Technology is set to report its fiscal first-quarter financial results on Tuesday and analysts are looking for strong top and bottle line results.
Micron Technology Inc. (NASDAQ: MU) is set to report its fiscal first-quarter financial results on Tuesday. Consensus estimates are calling for $2.95 in earnings per share (EPS) and $8.02 billion in revenue. The same period of last year reportedly had EPS of $2.45 on $6.8 billion in revenue.
The company recently delivered an exceptional fourth quarter and capped record fiscal year results by becoming the second largest semiconductor company in the United States. In the fourth quarter, Micron set revenue records across all its major markets, from automotive and industrial to mobile and cloud data centers.
The secular and diversified growth drivers in this industry combined with an accelerating pace of transformation of the new Micron have formed a tremendous catalyst for management going forward in 2019.
Excluding Monday’s move, Micron had underperformed the broad markets, with its stock down about 19% in the past 52 weeks. In just the past six months, the stock was down 41%.
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A few analysts weighed in on Micron ahead of the report:
- Cowen has an Outperform rating with a $45 price target
- Goldman Sachs has a Neutral rating and a $44 price target.
- KeyCorp has an Overweight rating and a $61 price target.
- Merrill Lynch has a Buy rating with a $55 price target.
- Citigroup has a Neutral rating and a $40 price target.
- Mizuho has a Buy rating with a $54 price target.
- UBS has a Neutral rating with a $41 price target.
Shares of Micron were last seen trading up 1.5% at $34.74, in a 52-week range of $33.72 to $64.66. The consensus analyst price target is $58.81.
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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.
