Shares of Micron Technology Inc (NASDAQ: MU) tanked in early trading on Thursday, despite the company delivering upbeat fourth-quarter results.
The results came amid an exciting earnings season. Here are some key analyst takeaways from Micron Technology’s earnings release.
BMO Capital Markets On Micron Technology
Analyst Ambrish Srivastava maintained an Outperform rating and price of $80.
“Micron's results, guidance, commentary on GM, CapEx, were all largely in line with our expectations,” Srivastava said in a note.
The analyst raised the earnings estimates for fiscal 2024 from a loss of $2.57 per share to a loss of $2.30 per share, reflecting higher revenues.
Piper Sandler On Micron Technology
Analyst Harsh Kumar reiterated a Neutral rating and price target of $70.
Micron Technology reported better-than-expected results and mixed guidance for the first quarter, Kumar said. “Most importantly, excess inventory appears to have cleared in most of MU's end markets,” he added.
Management said the data center business is likely to have bottomed and inventory is likely to normalize in early 2024, the analyst mentioned. “We suspect that pricing for both DRAM and NAND will improve nicely into 2024 as ...