English
Français
Deutsch
Italiano
Polski
Português
Русский
Español
ไทย
Türkçe
简体中文
हिन्दी
日本語
Wall Street analysts were raising their estimates for
Micron
after the maker of computer memory chips reported better-than-expected quarterly results.
Micron shares were up 6% in premarket trading Thursday to $83.40. Competitors were also rising, but not as much.
Analog Devices
added 1.1%.
Texas Instruments
climbed 0.6%, while
Applied Materials
rose 1.8%.
Bolstered by chips that can be used with artificial intelligence programs, Micron on Wednesday reported a smaller-than-expected loss on revenue that was higher than what analysts had predicted. It was able to raise prices and increased guidance for the current quarter.
That led John Vinh at KeyBanc to raise estimates and increase the price target on the stock to $100. Coming into Thursday, shares had already gained more than 50% this year.
Christopher Danely at Citi reiterated his Buy rating on the stock and lifted the price target to $95 from $88.
Analysts at SIG led by Mehdi Hosseini also raised estimates. They have a price target of $112, but see downside risks to that valuation that include weaker demand and a lack of execution by the management team.
The team at Piper Sandler led by Harsh V. Kumar are a bit more downbeat with a price target of $70 after the big gains already seen this year.
“Overall, we like the setup for the company as well as the broader industry, however given the recent stock price move reflecting these trends, we reaffirm our Neutral rating,” they wrote in a Wednesday note.
Write to Brian Swint at [email protected]
Read the full article here
