Micron Technology

Micron Technology is set to report fiscal second-quarter results after the market closes on Wednesday. Here’s what you need to know. NET LOSS: The Boise, Idaho-based company’s loss is expected to narrow to $469.3 million from $2.31 billion a year earlier, according to the consensus of 11 analysts polled by FactSet. REVENUE: The memory-chip maker’s revenue is seen rising nearly 45%, to $5.35 billion, in the quarter, according to 28 analysts polled by FactSet. The company has forecast revenue of $5.1 billion to $5.5 billion. ADJUSTED LOSS: Stripping out certain one-time items, Micron is expected to post a per-share loss of 25 cents, according to 28 analysts polled by FactSet. The company guided for a per-share loss of 21 cents to 35 cents. Shares rose about 19% throughout the second quarter and recently traded around $94.

Micron Technology’s (MU) stock will continue to be supported over the next two years by an inclining gross margin that isn’t expected to peak until at least mid-2025, UBS said ahead of the chipmaker’s fiscal second-quarter print. The brokerage increased its price target on the stock to $120 from $95 and reiterated a buy rating in a note emailed Tuesday. UBS’s target values Micron at 2.5-times price to tangible book value, indicating that investors are willing to pay more than book value, the report showed. The bank raised its multiple from 1.9-times amid the expectation that recent volatility will translate to Micron being able to “hold a higher multiple” as the cycle shows duration. “We hear a lot of hand-wringing around valuation here but this is an output not an input and the stock has always continued moving higher alongside gross margin – which we don’t think peaks until at

CFRA, an independent research provider, has provided MT Newswires with the following research alert. Analysts at CFRA have summarized their opinion as follows: We boost our 12-month target to $110 from $94, on a P/E of 12.6x our CY 25 EPS view, near MU’s long-term historical average. We narrow our FY 24 (Aug.) loss per share estimate to $0.20 from $0.51 and raise FY 25’s EPS to $7.28 from $6.14. Ahead of Feb-Q results set to be released on 3/20, we see loss per share of $0.25 on $5.3B in revenue (implies +45% growth), as we think the recovery in memory is gaining momentum. We think MU remains well-positioned, given its strong DRAM exposure (over 70% of revenue), which is seeing a more favorable pricing landscape. We also like MU’s greater emphasis on DRAM servers that are higher priced (higher margin) as well as upside that can be seen from

Rosenblatt analyst Hans Mosesmann reiterates Micron Technology (NASDAQ:MU) with a Buy and maintains $140 price target.

Rosenblatt analyst Hans Mosesmann reiterated Micron Technology Inc (NASDAQ:MU) with a Buy and a $140 price target. The analyst expects Micron to deliver a beat and raise on Wednesday, March 20, on AI-driven segment demand, a bottoming in the broader markets (recovery in the second half of calendar year 2024) amid the industry’s disciplined supply memory posture. As the industry enters the most significant memory cycle, the setup is a narrative that will be fed this week at Nvidia Corp’s (NASDAQ:NVDA) GPU Technology Conference (GTC), given that AI compute platforms cannot scale without DRAM content and high-performance HBM, he said.

Cantor Fitzgerald analyst C J Muse maintains Micron Technology with a Overweight and raises the price target from $100 to $120.

Citigroup analyst Christopher Danely maintains Micron Technology with a Buy and raises the price target from $95 to $150.

Stifel analyst Brian Chin upgrades Micron Technology from Hold to Buy and raises the price target from $80 to $120.

Mizuho analyst Vijay Rakesh maintains Micron Technology (NASDAQ:MU) with a Buy and raises the price target from $100 to $105.

Mizuho analyst Vijay Rakesh had a Buy rating on Micron Technology, Inc (NASDAQ:MU) with a price target of $100. Rakesh had a Buy rating on Seagate Technology Holdings Plc (NASDAQ:STX) with a price target of $100. Rakesh had a Buy rating on Western Digital Corp (NASDAQ:WDC) with a price target of $$66. The March quarter is witnessing a notable acceleration in NAND contract pricing, with a 30% quarter-over-quarter increase, surpassing both previous estimates and the consensus expectation of a 10% rise. The analyst stated that this trend will likely continue through 2024, with projected quarterly increases in NAND contract pricing and yearly growth in NAND content by 10-15%. AI handsets may see a significant rise in NAND storage, potentially reaching 1-2TB, doubling the current capacity. Additionally, as per Rakesh, AI training servers are likely to benefit from substantial DRAM gains, especially with High Bandwidth Memory (HBM). The industry’s NAND Capital Expenditures (Capex) are predicted to remain conservative,

Micron Technology (NASDAQ:MU) Stock Analyst Ratings Date Upside/Downside Analyst Firm Price Target Change Rating Change Previous / Current Rating 01/31/2024 — Keybanc Reiterates → Overweight 01/23/2024 16.71% Cantor Fitzgerald → $100 Initiates Coverage On → Overweight 01/19/2024 16.71% Raymond James $90 → $100 Maintains Outperform 01/16/2024 34.21% Keybanc $100 → $115 Maintains Overweight 01/04/2024 10.87% Piper Sandler $70 → $95 Upgrades Neutral → Overweight 12/21/2023 16.71% Evercore ISI Group $90 → $100 Maintains Outperform 12/21/2023 10.87% Wells Fargo $82 → $95 Maintains Overweight 12/21/2023 5.04% Raymond James $82 → $90 Maintains Outperform 12/21/2023 10.87% Wedbush → $95 Reiterates Outperform → Outperform 12/21/2023 63.39% Rosenblatt $100 → $140 Maintains Buy 12/21/2023 16.71% B of A Securities $95 → $100 Maintains Buy 12/21/2023 -6.63% Stifel $76 → $80 Maintains Hold 12/21/2023 10.87% UBS $90 → $95 Maintains Buy 12/21/2023 -12.76% Morgan Stanley $71.5 → $74.75 Maintains Underweight 12/21/2023 22.54% JP Morgan $90

Micron Technology (NASDAQ:MU) Stock Analyst Ratings Date Upside/Downside Analyst Firm Price Target Change Rating Change Previous / Current Rating 01/19/2024 16.33% Raymond James $90 → $100 Maintains Outperform 01/16/2024 33.78% Keybanc $100 → $115 Maintains Overweight 01/04/2024 10.52% Piper Sandler $70 → $95 Upgrades Neutral → Overweight 12/21/2023 16.33% Evercore ISI Group $90 → $100 Maintains Outperform 12/21/2023 10.52% Wells Fargo $82 → $95 Maintains Overweight 12/21/2023 4.7% Raymond James $82 → $90 Maintains Outperform 12/21/2023 10.52% Wedbush → $95 Reiterates Outperform → Outperform 12/21/2023 62.87% Rosenblatt $100 → $140 Maintains Buy 12/21/2023 16.33% B of A Securities $95 → $100 Maintains Buy 12/21/2023 -6.93% Stifel $76 → $80 Maintains Hold 12/21/2023 10.52% UBS $90 → $95 Maintains Buy 12/21/2023 -13.04% Morgan Stanley $71.5 → $74.75 Maintains Underweight 12/21/2023 22.15% JP Morgan $90 → $105 Maintains Overweight 12/21/2023 10.52% Citigroup $88 → $95 Maintains Buy 12/21/2023 16.33% Needham $85 →