Micron Technology Inc MU shares fell Thursday in early trading, despite the company on Wednesday reporting upbeat fiscal third-quarter earnings.

The announcement came amid an exciting earnings season. Here are some key analyst takeaways.

KeyBanc Capital Markets On Micron Technology

Analyst John Vinh reiterated an Overweight rating, while raising the price target from $135 to $160.

Micron Technology reported quarterly revenues and earnings of $9.30 billion and $1.91 per share, beating consensus of $8.86 billion and $1.60 per share, respectively, Vinh said in a note. The results were driven by "improved pricing/mix and healthy demand, particularly for DRAM and HBM," he added.

"Looking into F4Q, MU sees continued strength in AI data center, a recovery in auto/industrials, and tightening DRAM supply driving favorable mix and improving GM," the analyst wrote. For the fiscal fourth quarter, management guided to revenue and earnings of $10.7 billion and $2.50 per share, above the consensus of $9.90 and $2.03 per share, he further wrote.

Piper Sandler On Micron Technology

Analyst Harsh Kumar maintained an Overweight rating, while lifting the price target from $120 to $165.

Micron Technology's DRAM and NAND bit shipments both grew around 20% sequentially, Kumar said. The company continued to gain market share with its HBM (high-bandwidth memory) product, he added.

Revenues generated by HBM continued to grow by more than 50% sequentially, the analyst stated. "We continue to see MU as an outsized beneficiary from current market trends in both data center and AI due to their HBM products and market positioning," he further wrote.

Stifel On Micron Technology

Analyst Brian Chin reaffirmed a Buy rating, while taking the price target higher from $130 to $145.

Micron Technology announced its results and guidance higher than consensus estimates, Chin said. The company guided to gross margins of 42.0% for the fiscal fourth quarter, "exceeding our 38.0%," he added.

Management noted that data center demand had strengthened the guidance, the analyst stated. "This is expected to drive a more favorable mix, reflected in a better-than expected F4Q GM guide," he further wrote.

Check out other analyst stock ratings.

RBC Capital Markets On Micron Technology

Analyst Matt Bryson reiterated an Outperform rating, while raising the price target from $150 to $165.

While Micron Technology's sequential growth in bit shipments was strong, expectations were "already in this range," Bryson said. The company's data center revenues more than doubled on a year-on-year basis and reached record levels, he added.

HBM sales grew nearly 50% sequentially to surpass $1.5 billion in the quarter, the analyst stated. The company's HBM ramp "remains on track, with growth in that market in turn lifting MU’s future revenue and margin profile," he added.

Cantor Fitzgerald On Micron Technology

Analyst C.J. Muse maintained an Overweight rating, while lifting the price target from $145 to $155.

While Micron Technology was expected to announce a strong beat-and-raise quarter, its results and guidance were "well above just about everyone's expectations," Muse said.

While indicating some tariff-related pre-purchases, management said that secular trends in both data center and HBM memory and a cyclical recovery in NAND were "more important drivers of the recovery," the analyst stated. The company also suggested that "a return to tight/normalized inventory exiting August FY25 sets the stage for a strong recovery to continue through the remainder of CY25 and into FY26," he further wrote.

Needham On Marvell Technology

Analyst Quinn Bolton reaffirmed a Buy rating, while taking the price target higher from $120 to $150.

Micron Technology reported solid results and guidance, "driven by continued strength in data center along with a recovery in other end markets," Bolton said. "The AI demand environment remains healthy and Micron continues to increase its share in the HBM market," he added.

The company reported non-GAAP gross margins of 39.0% and guidance to 42.0% at the midpoint, surpassing consensus of 39.2%, the analyst stated. "The GM expansion is attributed to product mix shift towards DRAM from NAND and an improving pricing environment," he further wrote.

MU Price Action: Shares of Micron Technology declined by 1.88% to $124.87 at the time of publication on Thursday.

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