Micron Shares Gain Following a Price Target Boost by Citi

Micron Shares Gain Following a Price Target Boost by Citi March 15, 2024, 2:14 p.m., readers: 4

Ahead of Micron Technology's (NASDAQ:MU) fiscal second-quarter 2024 earnings report scheduled for March 20, Citi Research analysts raised their price target for the company to a new high among Wall Street firms. They adjusted the target from $95 to $150 and increased their earnings per share (EPS) forecast for the fiscal year 2025 from $6.38 to $6.65. Following this, the company’s shares rose more than 2% intra-day today. The analysts anticipate that Micron will exceed current consensus expectations and provide a higher outlook for the fiscal third quarter of 2024, driven by robust DRAM pricing and the delivery of High Bandwidth Memory (HBM) that accompanies Nvidia AI systems. These products are noted for their higher prices and margins.

About NASDAQ: MU

M icron Technology, Inc. designs, manufactures, and sells memory and storage products worldwide. The company operates through four segments: Compute and Networking Business Unit, Mobile Business Unit, Storage Business Unit, and Embedded Business Unit.

Price: 121.77
Market cap: 134.8 billion USD
Eps: -3.43
P/e ratio: -35.50
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