MRVL - Micron jumps as earnings guidance top expectations Wall Street approves

Micron Technology (NASDAQ:MU) shares rose in premarket trading on Wednesday after the company posted better-than-expected earnings and guidance, prompting approval from Wall Street analysts. Mizuho Securities analyst Vijay Rakesh raised his price target on Micron to $113 from $110, while maintaining a buy rating, noting that the company is "well positioned" this year with opportunities in data center, PC and mobile and a "potentially improving pricing environment." Rakesh noted that the second-quarter results and third-quarter guidance were "well above consensus with [quarter-over-quarter] growth in storage and compute and longer-term tailwinds from product mix and content increases," adding that it is a positive read-through for Western Digital (WDC), Applied Materials (AMAT) and Lam Research (LRCX). Micron (MU) shares rose slightly more than 4% to $85.54 in premarket trading. For the period ending March 3, Micron said it earned $2 a share on $7.79 billion in revenue. Gross margins, a closely watched measure, came

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Micron jumps as earnings, guidance top expectations, Wall Street approves