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Why Micron Shares Are Rising Today

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Why Micron Shares Are Rising Today

Micron Technology Inc (NASDAQ: MU) is trading higher Tuesday after the company announced better-than-expected fiscal first-quarter 2022 financial results and issued guidance above estimates. 

Micron reported adjusted quarterly earnings of $2.16 per share, which beat the estimate of $2.11 per share. The company reported quarterly revenue of $7.69 billion, which beat the estimate of $7.67 billion.

Micron expects adjusted fiscal second-quarter earnings of $1.95 per share (+/- 10 cents) versus the estimate of $1.86 per share. The company expects revenue of $7.5 billion (+/- $200 million) verus the estimate of $7.28 billion.

"As powerful secular trends including 5G, AI, and EV adoption fuel demand growth, our technology leadership and world-class execution position us to create significant shareholder value in fiscal 2022 and beyond," said Sanjay Mehrotra, president and CEO of Micron.

Related Link: Recap: Micron Technology Q1 Earnings

Analyst Assessment: Multiple analyst firms weighed in on the stock following Micron's financial results:

  • BofA Securities analyst Vivek Arya upgraded Micron from a Neutral rating to a Buy rating and raised the price target from $76 to $100.
  • Mizuho analyst Vijay Rakesh maintained Micron with a Buy rating and raised the price target from $95 to $98.
  • Credit Suisse analyst John Pitzer maintained Micron with an Outperform rating and raised the price target from $110 to $130.
  • Raymond James analyst Chris Caso maintained Micron with a Strong Buy rating and raised the price target from $100 to $115.
  • Goldman Sachs analyst Toshiya Hari maintained Micron with a Buy rating and raised the price target from $88 to $101.

MU Price Action: Micron has traded as high as $96.96 and as low as $65.67 over a 52-week period.

The stock was up 8.44% at $88.95 Tuesday morning.

Photo: courtesy of Micron.

 

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