Micron Technology Inc (NASDAQ:MU) shares fell Thursday in early trading, despite the company on Wednesday reporting upbeat fiscal third-quarter earnings.
The announcement came amid an exciting earnings season. Here are some key analyst takeaways.
KeyBanc Capital Markets On Micron Technology
Analyst John Vinh reiterated an Overweight rating, while raising the price target from $135 to $160.
Micron Technology reported quarterly revenues and earnings of $9.30 billion and $1.91 per share, beating consensus of $8.86 billion and $1.60 per share, respectively, Vinh said in a note. The results were driven by “improved pricing/mix and healthy demand, particularly for DRAM and HBM,” he added.
“Looking into F4Q, MU sees continued strength in AI data center, a recovery in auto/industrials, and tightening DRAM supply driving favorable mix and improving GM,” the analyst wrote. For the fiscal fourth quarter, management guided to revenue and earnings of $10.7 billion and $2.50 per share, above the consensus of $9.90 and $2.03 per share, he further wrote.
Piper Sandler On Micron Technology
Analyst Harsh Kumar maintained an Overweight rating, while lifting the price target from $120 to $165.
Micron Technology’s DRAM and NAND bit shipments both grew around 20% sequentially, Kumar said. The company continued to gain market share with its HBM (high-bandwidth memory) product, he added.
Revenues generated by HBM continued to grow by more than 50% sequentially, the analyst stated. “We continue to see MU as an outsized …