What Analysts Are Saying About Micron After Earnings
Micron Technology reported better than expected quarterly results and analysts reacted positively.
Micron Technology Inc. (NASDAQ: MU | MU Price Prediction) reported its most recent quarterly results after the markets closed on Thursday. This has been one of the biggest winners in the S&P 500 over the past year, and it is part of one of the best industries in the index: semiconductors.
For the first quarter, Micron reported $0.78 in earnings per share (EPS) and $5.77 billion in revenue. The consensus estimates had called for $0.71 in EPS and revenue of $5.72 billion. The same period from last year reportedly had EPS of $0.48 on $5.14 billion in revenue.
Management noted that for the first time in its history, Micron is simultaneously leading in DRAM and NAND technologies, and it is in an excellent position to benefit from accelerating digital transformation of the global economy fueled by artificial intelligence, 5G, the cloud and the intelligent edge.
Looking ahead to the fiscal second quarter, the company expects to see EPS in the range of $0.68 to $0.82 and revenue between $5.6 billion and $6.0 billion. Consensus estimates call for $0.63 in EPS and $5.5 billion in revenue for the quarter.
[nativounit]
Here’s what a few analysts have said after the fact:
- Evercore ISI reiterated an Outperform rating and raised its price target to $105 from $90.
- Wedbush reiterated a Neutral rating and raised its price target to $88 from $82.
- Credit Suisse reiterated it as Outperform and raised its target to $110 from $90.
- Needham reiterated a Buy rating and raised its price target to $100 from $80.
- Rosenblatt Securities reiterated it at Buy and raised its target to $120 from $100.
- Cowen reiterated an Outperform rating and raised its target price to $90 from $80.
- Barclays reiterated an Overweight rating and raised its price target from $75 to $100.
- KeyCorp reiterated an Overweight rating and raised its price target to $121 from $82.
Micron stock traded up about 4% on Friday to $82.46, in a 52-week range of $31.13 to $80.08. The consensus price target is $84.08.
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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.
