What to Watch When Micron Reports After the Close

Micron Technology Inc. (NASDAQ: MU) is scheduled to release its fiscal first-quarter financial results after the closing bell on Wednesday. Analysts are calling for $0.47 in earnings per share (EPS) and $5.01 billion in revenue. The same period of last year reportedly had $2.97 in EPS and $7.91 billion in revenue.

At the start of the summer, Micron bottomed near $32, but then it recovered to $50 by mid-September. There was a pullback for shares following Micron’s most recent earnings report, and with the stock holding near multiyear highs, it’s possible that this could happen again. On the other hand, it looks like Micron has been on the upswing, and any pullback could offer an opportunity for more investors to get into the stock.

Also in the most recent earnings report, the company issued guidance for this quarter. Micron said that it expects to see EPS of $0.46, give or take $0.07, and revenues of $5.0 billion, plus or minus $200 million.

With memory demand drivers remaining somewhat underappreciated, and with solid demand from end-markets such as data center, artificial intelligence, deep learning, big data, mobile and autonomous driving, analysts believe Micron continues to execute well on its manufacturing road-map despite recent issues.

Overall, Micron has outperformed the broad markets, with its stock up about 67% year to date. In the past 52 weeks, the stock is up closer to 56%.

Here’s what analysts said about Microsoft ahead of the report:

  • Needham has a Buy rating with a $70 price target.
  • Wedbush has an Outperform rating and a $65 target.
  • Susquehanna has a Positive rating and an $85 price target.
  • Morgan Stanley rates it as Positive rating a $56 price target.
  • Mizuho’s Buy rating comes with a $53 price target.
  • Longbow Research has a Buy rating.
  • Raymond James has a Hold rating.

Shares of Micron traded at $53.07 on Wednesday, in a 52-week range of $28.39 to $54.30. The consensus price target is $57.67.