Micron Technology Inc. (NASDAQ:MU) reported better-than-expected financial results for the third quarter after the market closed on Wednesday.
Micron reported third-quarter revenue of $9.3 billion, beating the consensus estimate of $8.87 billion. The company reported third-quarter adjusted earnings of $1.91 per share, beating analyst estimates of $1.60 per share, according to Benzinga Pro.
"Micron delivered record revenue in fiscal third quarter, driven by all-time-high DRAM revenue, including nearly 50% sequential growth in HBM revenue. Data center revenue more than doubled year-over-year and reached a quarterly record, and consumer-oriented end markets had strong sequential growth," said Sanjay Mehrotra, president and CEO of Micron.
The company said it expects fourth-quarter revenue of $10.7 billion, plus or minus $300 million, versus estimates of $9.88 billion. The company anticipates fourth-quarter adjusted earnings of $2.50 per share, plus or minus 15 cents, versus estimates of $2.01 per share.
Micron shares fell 0.5% to close at $127.25 on Wednesday.
These analysts made changes to their price targets on Micron following earnings announcement.
- Rosenblatt analyst Kevin Cassidy maintained Micron Technology with a Buy and raised the price target from $172 to $200.
- Needham analyst Quinn Bolton maintained Micron Technology with a Buy and raised the price target from $120 to $150.
- JP Morgan analyst Harlan Sur maintained the stock with an Overweight rating and raised the price target from $135 to $165.
- B of A Securities analyst Vivek Arya maintained Micron Technology with a Neutral and increased the price target from $84 to $140.
Considering buying MU stock? Here’s what analysts think:
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