Micron Analysts Boost Their Forecasts After Upbeat Q3 Results

Micron Technology, Inc. MU reported better-than-expected third-quarter results.

Micron reported third-quarter revenue of $3.75 billion, which beat the consensus estimate of $3.65 billion. The company reported a quarterly loss of $1.43 per share, which beat analyst estimates for a loss of $1.58 per share.

The company said it expects fourth-quarter revenue to be between $3.7 billion and $4.1 billion versus estimates of $3.89 billion. The company anticipates a fourth-quarter adjusted loss of $1.12 to $1.26 per share versus estimates for a loss of $1.06 per share.

Micron shares gained 3.6% to $69.51 in pre-market trading.

These analysts made changes to their price targets on Micron following earnings announcement.

• Keybanc raised the price target on Micron from $70 to $80. Keybanc analyst John Vinh maintained an Overweight rating.
• Piper Sandler boosted the price target on Micron from $45 to $70. Piper Sandler analyst Harsh Kumar upgraded the stock from Underweight to Neutral.

Read This Next: McCormick, BlackBerry And 3 Stocks To Watch Heading Into Thursday