Micron (NASDAQ:MU) stock is up 4% today after the company reported solid earnings and provided positive forward guidance.
The Boise, Idaho-based company that focuses on flash memory and USB drives reported earnings per share (EPS) of $2.14 on revenues of $7.79 billion for the quarter. That beat Wall Street forecasts of $1.98 per share on $7.53 billion of revenue, according to data from FactSet. On a year-over-year basis, Micron earnings soared 118%, marking the fifth straight quarter of triple-digit percentage gains.
Going forward, Micron guided that it expects adjusted earnings of $2.46 a share on revenues of $8.7 billion. That would translate into year-over-year growth of 31% in earnings. Wall Street had been looking for earnings of $2.24 and revenue of $8.13 billion for its current fiscal third quarter.
Prior to today’s increase, MU stock had been down 14% on the year at $82.05 per share. So, where do analysts see the stock headed in the coming months? Here are three analyst price predictions for investors to consider.
MU Stock Price Predictions
- JPMorgan Chase has a “buy” rating on MU stock and a $115 price target, implying 40% upside.
- Wells Fargo also has a “buy” rating on the stock and shares JPMorgan’s $115 price target.
- Rosenblatt Securities has a “buy” rating on Micron stock and a Street-high price target of $165 per share, which would be 101% higher than where the shares were trading on March 29.
What’s Next for Micron
Among 34 analysts who cover Micron Technology’s stock, the median price target on the shares is currently $115, which would be 30% higher than where MU stock is trading. Upside revisions to price targets are likely in the coming days following the company’s latest earnings beat and strong forward guidance.
On the date of publication, Joel Baglole did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
