4 Micron Analysts Size Up Q1 Earnings: ‘An Opportunity To Add’?
Micron Technology Inc (NASDAQ:MU) analysts lowered near-term price targets on Thursday following the company’s first-quarter earnings results. Despite the disappointing quarter, analysts generally remain optimistic for the long term, especially in the High-Bandwidth Memory market.
Micron Q1 Earnings: Micron reported mixed first-quarter results, beating adjusted earnings estimates of $1.76 per share by 3 cents, but narrowly missing on revenue.
Micron also issued weak guidance for the current quarter. The company said it expects second-quarter revenue of $7.9 billion, plus or minus $200 million, versus estimates of $9 billion. Micron sees second-quarter adjusted earnings of $1.43 per share, plus or minus 10 cents per share, versus estimates of $1.92 per share.
Although the company noted that consumer-oriented markets were weaker in the near term, Micron laid out expectations for a return to growth in the second half of its fiscal year.
Goldman Sachs Reiterates Buy: Goldman Sachs analyst Toshiya Hari reiterated Buy following the print, but cut the price target from $145 to $128.
The analyst acknowledged that he was wrong on Micron over the past six months and cut estimates accordingly. However, Hari expects strength in High-Bandwidth Memory and resiliency in server DRAM to …
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