Micron Technology

By Tae Kim Micron Technology posted better-than- expected results for its November quarter, sending the stock higher in after-hours trading Wednesday. The semiconductor company reported an adjusted loss of 95 cents a share for its fiscal first quarter, compared with the consensus call for a loss of $1.01 among analysts tracked by FactSet. Revenue came in at $4.73 billion for the period, which was slightly above analysts’ expectations for $4.58 billion. For the current quarter, Micron offered a revenue forecast of $5.3 billion at the midpoint of its range, which was also above the consensus of $4.97 billion. “Micron’s strong execution and pricing drove better-than-anticipated first quarter financial results,” Micron Technology CEO Sanjay Mehrotra said in the news release. “We expect our business fundamentals to improve throughout 2024.” Micron shares initially rose as much as 3.6% in late trading Wednesday following the results. The company is a leader in the […]

Micron Technology (MU) late Wednesday posted a smaller-than-projected fiscal first-quarter loss, while its revenue surpassed Wall Street’s estimates amid higher pricing. The memory and storage product maker’s adjusted per-share loss grew to $0.95 during the three months ended Nov. 30 from $0.04 a year earlier, but came in better than the $1.01 loss modeled in a Capital IQ-polled consensus. Revenue rose to $4.73 billion from $4.09 billion, topping the Street’s $4.63 billion view. The stock was advancing 5% in after-hours activity. “Micron’s strong execution and pricing drove better-than-anticipated first-quarter financial results,” Chief Executive Sanjay Mehrotra said in a statement. An improved supply-demand environment gives the company additional confidence in the business’ trajectory, Mehrotra said in prepared remarks posted on the company’s website. Micron forecasts a second-quarter adjusted loss of $0.28 per share, plus or minus $0.07, on revenue of $5.30 billion, plus or minus $200 million. The consensus is for

The following is a summary of the Micron Technology, Inc. (MU) Q1 2024 Earnings Call Transcript: Financial Performance: In Q1 2024, Micron reported total revenue of approximately $4.7 billion, up 18% sequentially and 16% YoY. DRAM revenue stood at $3.4 billion, reflecting a sequential increase of 24%. NAND revenue for Q1 was $1.2 billion, a 2% sequential increase. The company reported an operating loss of $955 million and a non-GAAP loss per share of $0.95. Micron’s negative free cash flow reached $333 million. For Q2 2024, Micron expects its revenue to be approximately $5.3 billion with a gross margin of around 13%. Business Progress: Micron’s strong portfolio is placed in high demand sectors such as PCs, smartphones, and data centers, maintaining supply discipline. The growth from deployment of AI and advancement in product development positions Micron to leverage AI’s growth. Growing optimism regarding HBM due to its potential high-demand applications,

Micron Technology (MU) may deliver a “modest upside” to its recently revised guidance when it releases fiscal Q1 results on Wednesday, Wedbush said in a note on Monday. Wedbush raised the company’s price target to $95 from $80 with an outperform rating. The chipmaker said on Nov. 28 it expects an adjusted Q1 loss of about $1.00 per share, compared with previous guidance for a loss of $1.00 to $1.14. The company also now expects Q1 revenue of about $4.7 billion, up from previous guidance of $4.2 billion and $4.6 billion. “We would not be surprised if Micron delivers modest upside to the revised guide given management’s tendency towards conservatism,” said Wedbush analyst Matt Bryson. Micron may also deliver upside to analysts’ estimates in Q2, Bryson said, adding “GMs could/should exceed current consensus, benefiting from higher pricing and some increase in utilization rates.” NAND computer memory prices are expected to

Micron Technology (NASDAQ:MU) Analyst Ratings Date Upside/Downside Analyst Firm Price Target Change Rating Change Previous / Current Rating 12/15/2023 13.84% B of A Securities $77 → $95 Upgrades Neutral → Buy 12/11/2023 7.85% UBS $76 → $90 Maintains Buy 12/06/2023 3.06% Mizuho $82 → $86 Maintains Buy 11/29/2023 5.45% Citigroup $85 → $88 Maintains Buy 11/29/2023 -1.74% Raymond James $76 → $82 Maintains Outperform 11/29/2023 1.86% Barclays $80 → $85 Maintains Overweight 11/29/2023 1.86% Needham $75 → $85 Maintains Buy 11/27/2023 -14.32% Morgan Stanley $58.5 → $71.5 Maintains Underweight 09/28/2023 -29.9% Morgan Stanley $58.5 → $58.5 Reiterates Underweight → Underweight 09/28/2023 19.83% Rosenblatt → $100 Reiterates Buy → Buy 09/28/2023 -22.11% Baird $60 → $65 Maintains Neutral 09/28/2023 1.86% Citigroup $85 → $85 Reiterates Buy → Buy 09/26/2023 7.85% Evercore ISI Group $80 → $90 Maintains Outperform 09/26/2023 19.83% Rosenblatt → $100 Reiterates Buy → Buy 09/25/2023 -29.9% Morgan Stanley

B of A Securities analyst Vivek Arya upgrades Micron Technology (NASDAQ:MU) from Neutral to Buy and raises the price target from $77 to $95.

UBS analyst Timothy Arcuri maintains Micron Technology (NASDAQ:MU) with a Buy and raises the price target from $76 to $90.

Morgan Stanley analyst Joseph Moore maintains Micron Technology (NASDAQ:MU) with a Underweight and raises the price target from $58.5 to $71.5.

Micron Technology, Inc. (NASDAQ:MU) Post Q4 2023 Earnings Analyst Conference Call September 27, 2023 6:00 PM ET Company Participants Samir Patodia – IR Mark Murphy – EVP & CFO Manish Bhatia – EVP of Global Operations Sumit Sadana – EVP & Chief Business Officer Conference Call Participants Harlan Sur – JPMorgan Ambrish Srivastava – BMO Capital Markets Chris Danely – Citigroup Aaron Rakers – Wells Fargo Securities Vivek Arya – Bank of America Merrill Lynch Karl Ackerman – BNP Paribas Exane Brian Chin – Stifel Quinn Bolton – Needham & Company Operator Thank you for standing by, and welcome to Micron’s Post-Earnings Analyst Call. At this time, all participants are in listen-only mode. After the speakers’ remarks, there will be a question-and-answer session. [Operator Instructions] And now I’d like to introduce your host for today’s program, Samir Patodia, Investor Relations. Please go ahead, sir. Samir Patodia Thanks. And welcome to