Micron Technology Inc MU is trading higher Tuesday after the company announced better-than-expected fiscal first-quarter 2022 financial results and issued guidance above estimates.
Micron reported adjusted quarterly earnings of $2.16 per share, which beat the estimate of $2.11 per share. The company reported quarterly revenue of $7.69 billion, which beat the estimate of $7.67 billion.
Micron expects adjusted fiscal second-quarter earnings of $1.95 per share (+/- 10 cents) versus the estimate of $1.86 per share. The company expects revenue of $7.5 billion (+/- $200 million) verus the estimate of $7.28 billion.
"As powerful secular trends including 5G, AI, and EV adoption fuel demand growth, our technology leadership and world-class execution position us to create significant shareholder value in fiscal 2022 and beyond," said Sanjay Mehrotra, president and CEO of Micron.
Related Link: Recap: Micron Technology Q1 Earnings
Analyst Assessment: Multiple analyst firms weighed in on the stock following Micron's financial results:
- BofA Securities analyst Vivek Arya upgraded Micron from a Neutral rating to a Buy rating and raised the price target from $76 to $100.
- Mizuho analyst Vijay Rakesh maintained Micron with a Buy rating and raised the price target from $95 to $98.
- Credit Suisse analyst John Pitzer maintained Micron with an Outperform rating and raised the price target from $110 to $130.
- Raymond James analyst Chris Caso maintained Micron with a Strong Buy rating and raised the price target from $100 to $115.
- Goldman Sachs analyst Toshiya Hari maintained Micron with a Buy rating and raised the price target from $88 to $101.
MU Price Action: Micron has traded as high as $96.96 and as low as $65.67 over a 52-week period.
The stock was up 8.44% at $88.95 Tuesday morning.
Photo: courtesy of Micron.
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