Micron Technology Guidance Reflects Strong Pricing Rebound: 10 Analysts Deep Dive Into Q1 Earnings
Portfolio Pulse from Priya Nigam
Micron Technology Inc (NASDAQ:MU) shares rose after reporting better-than-expected Q1 revenues. Analysts are optimistic, citing strong pricing rebound in DRAM and NAND, with most raising their price targets. Micron's gross margin and earnings outlook exceeded expectations, and inventory levels are normalizing. The company's HBM3E product is expected to drive demand, particularly with NVIDIA Corp (NASDAQ:NVDA) for its H200 and GH200 offerings. Analysts predict a memory cycle upswing, supported by disciplined supply management and strong AI-driven demand.
December 21, 2023 | 5:18 pm
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POSITIVE IMPACT
Micron Technology's Q1 earnings beat expectations with a positive outlook on DRAM and NAND pricing, leading to raised price targets by analysts. The company's HBM3E product is in high demand, especially for NVIDIA's upcoming offerings.
The positive earnings report and raised guidance by Micron Technology, along with the strong demand for its HBM3E product, are likely to boost investor confidence and drive the stock price up in the short term.
CONFIDENCE 90
IMPORTANCE 90
RELEVANCE 100
POSITIVE IMPACT
NVIDIA Corp is set to receive shipments of Micron's HBM3E for its H200 and GH200 offerings, indicating a partnership that could enhance NVIDIA's product offerings.
The mention of NVIDIA's upcoming use of Micron's HBM3E suggests a positive impact on NVIDIA's product competitiveness, which could positively influence its stock price in the short term.
CONFIDENCE 80
IMPORTANCE 75
RELEVANCE 70