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
“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.
