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Micron Technology Inc (NASDAQ:MU) shares are trading higher Wednesday despite reporting worse-than-expected financial results. Several analysts raised price targets on the stock following the print.
- Q2 Revenue: $3.69 billion missed estimates of $3.72 billion
- Q2 EPS: Loss of $1.91 missed estimates for loss of 81 cents
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"Micron delivered fiscal second-quarter revenue within our guidance range in a challenging market environment. Customer inventories are getting better, and we expect gradual improvements to the industry's supply-demand balance," said Sanjay Mehrotra, president and CEO of Micron.
Outlook: Micron sees fiscal third-quarter revenue of $3.7 billion, plus or minus $200 million, versus estimates of $3.7 billion. The company anticipates a quarterly loss of $1.58 per share, plus or minus 7 cents per share.
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Analyst Assessment: Analysts appear to be reacting favorably to management commentary on improving inventories and overall supply-demand balance.
- Needham analyst Rajvindra Gill maintained Micron with a Buy and raised the price target from $67 to $71.
- JPMorgan analyst Harlan Sur maintained Micron with an Overweight and raised the price target from $65 to $75.
- Rosenblatt analyst Hans Mosesmann reiterated Micron with a Buy and maintained a $100 price target.
- Susquehanna analyst Mehdi Hosseini maintained Micron with a Positive and raised the price target from $65 to $90.
MU Price Action: Micron has a 52-week high of $86.23 and a 52-week low of $48.43.
The stock was up 4.12% at $61.75 at the time of writing, according to Benzinga Pro.
Photo: courtesy of Micron.
Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.