MU - 5 Micron Technology Analysts Raise Forecasts After Blockbuster Q2 Results | Benzinga
Shares of Micron Technology Inc (NASDAQ: MU) were climbing in early trading on Thursday, after the company reported upbeat results for its fiscal second quarter.
The results came amid an exciting earnings season. Here are some key analyst takeaways from the release.
- Wedbush analyst Matt Bryson reiterated an Outperform rating, while raising the price target from $103 to $130.
- JPMorgan analyst Harlan Sur maintained an Overweight rating, while lifting the price target from $105 to $130.
- Mizuho Securities analyst Vijay Rakesh reaffirmed a Buy rating, while bumping the price target from $105 to $124.
- Goldman Sachs analyst Toshiya Hari reiterated a Buy rating, while raising the price target from $112 to $122.
- Stifel analyst Brian Chin maintained a Buy rating, while lifting the price target from $120 to $140.
Check out other analyst stock ratings.
Wedbush: Micron Technology’s DRAM prices rose in the high teens, while NAND prices increased more than 30% sequentially, Bryson said in a note. He added, however, that the company’s double-digit revenue growth guidance "with roughly flattish overall bits” suggests that prices "will again have to lift by double digits.”
While investors seem to be focusing on the HBM (high bandwidth memory) business, "MU is also succeeding in other high margin areas i.e., ...