Why Is Micron Technology Stock Trading Higher Thursday?
Portfolio Pulse from Anusuya Lahiri
Micron Technology, Inc (NASDAQ:MU) stock saw an increase on Thursday after the company reported mixed Q1 financial results. Micron's revenue of $4.73 billion exceeded expectations of $4.27 billion, but its EPS loss of 95 cents was slightly worse than the estimated loss of 91 cents. The company's Q2 revenue forecast of $5.3 billion also surpassed analyst estimates of $5.03 billion, and it expects a smaller adjusted loss than predicted. Following these results, analysts at Barclays and Keybanc raised their price targets for Micron's stock, contributing to the positive stock movement.
December 21, 2023 | 12:57 pm
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POSITIVE IMPACT
Micron Technology's stock traded higher due to better-than-expected Q1 revenue and a positive Q2 outlook. Analysts' increased price targets suggest confidence in the stock's potential.
Micron's stock is likely to experience a short-term positive impact due to the reported earnings beat and optimistic revenue forecast for Q2. The upward revision of price targets by analysts from Barclays and Keybanc further supports the stock's potential for growth, indicating a strong analyst endorsement that can influence investor sentiment.
CONFIDENCE 90
IMPORTANCE 90
RELEVANCE 100