Micron Technology Inc. (NASDAQ: MU | MU Price Prediction) reported its most recent quarterly results after the markets closed on Monday. While investors appear to be happy with the report, analysts agreed and hiked their price targets in response.
24/7 Wall St. has included some highlights from the report as well as what analysts are saying after the fact.
For the fiscal third quarter, Micron posted $0.82 in earnings per share (EPS) and $5.44 billion in revenue. That compares with consensus estimates calling for $0.77 in EPS and $5.31 billion in revenue. The same period of last year reportedly had $1.05 in EPS and $4.79 billion in revenue.
During the quarter, operating cash flow topped $2.02 billion, compared with $2.00 billion in the prior quarter and $2.71 billion for the same period last year.
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Looking ahead to the fiscal fourth quarter, Micron expects to see EPS in the range of $0.95 to $1.15 and revenue between $5.75 billion and $6.25 billion. Consensus estimates call for $0.81 in EPS and $5.47 billion in revenue.
Here’s how analysts responded to the report:
- RBC reiterated a Neutral rating and raised its price target to $60 from $55.
- Goldman Sachs reiterated a Neutral rating and raised its target to $58 from $53.
- JPMorgan reiterated an Overweight rating and raised its price target from $65 to $70.
- Nomura Instinet reiterated it as Neutral and raised its target price to $51 from $45.
- Piper Sandler reiterated a Neutral rating and raised the price target to $51 from $48.
- Raymond James reiterated a Strong Buy rating and raised its price target from $60 to $65.
- Needham reiterated its Buy rating and raised its target price to $70 from $63.
- KeyBanc reiterated an Overweight rating and raised its price target from $59 to $70.
Micron stock traded up about 5% Tuesday morning to $51.74, in a 52-week range of $31.13 to $61.19. The consensus price target is $62.55.
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