MU - 1 Incredible Growth Stock to Buy Before Its Market Cap Jumps 67%
2024-03-29 04:05:00 ET
Share prices of Micron Technology (NASDAQ: MU) took off big time following the company's fiscal 2024 second-quarter results (for the three months ended Feb. 29), which were released on March 20. The stock rose over 14% in a single session thanks to outstanding growth in revenue and earnings. Micron's metrics crushed Wall Street expectations, and its guidance was strong enough to confirm the company's turnaround has finally arrived.
Over the past year, Micron stock is up 93%. Management's projections for future revenue growth (see below) suggest this stock might just have more upside left in the tank. Let's look at the numbers and see why investors should consider buying this chipmaker before its next set of elevated revenue projections reach their target dates.
In this most recent quarter, revenue shot up 58% year over year to $5.82 billion. That was well ahead of the $5.35 billion consensus estimate. Even better, Micron swung to an adjusted profit of $0.42 per share from a loss of $1.91 per share in the year-ago period. Analysts were expecting a loss of $0.25 per share last quarter.
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1 Incredible Growth Stock to Buy Before Its Market Cap Jumps 67%