Micron Technology, Inc. (NASDAQ: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.
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