Micron Tech Poised for Strong Earnings Amid Surge in Chip Pricing: Analyst
Portfolio Pulse from Anusuya Lahiri
Wedbush analyst Matt Bryson maintained Micron Technology Inc (NASDAQ:MU) with an Outperform rating and raised the price target from $95 to $103, citing strong DRAM and NAND pricing. Micron is expected to exceed its initial guidance for the quarterly earnings report on March 20, due to higher retail, spot, and forward contract prices. Bryson predicts DRAM contract Average Selling Prices (ASPs) to increase by nearly 20% in Q1, with NAND contracts performing even stronger. Despite a cautious outlook for the second half of the year, Micron's fiscal 2025 EPS estimates have been modestly increased. Micron's advancements in High Bandwidth Memory (HBM) and its competitive position in DRAM and NAND technologies suggest a strong outlook. Invesco Semiconductors ETF (NYSE:PSI) and First Trust Nasdaq Semiconductor ETF (NASDAQ:FTXL) are mentioned as ways to gain exposure to Micron.
March 12, 2024 | 6:58 pm
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POSITIVE IMPACT
First Trust Nasdaq Semiconductor ETF (NASDAQ:FTXL) is mentioned as a way for investors to gain exposure to Micron Technology Inc.
FTXL, being an ETF that includes Micron Technology Inc, could see a positive price impact in the short term due to the bullish outlook on Micron, potentially attracting more investors.
CONFIDENCE 80
IMPORTANCE 60
RELEVANCE 50
POSITIVE IMPACT
Micron Technology Inc's price target was raised from $95 to $103 by Wedbush analyst Matt Bryson, due to strong DRAM and NAND pricing. The company is expected to exceed its initial guidance in the upcoming earnings report.
The positive outlook from Wedbush analyst Matt Bryson, based on strong DRAM and NAND pricing and the expected outperformance in the upcoming earnings report, suggests a bullish short-term impact on Micron's stock.
CONFIDENCE 90
IMPORTANCE 90
RELEVANCE 100
POSITIVE IMPACT
Invesco Semiconductors ETF (NYSE:PSI) is mentioned as a way for investors to gain exposure to Micron Technology Inc.
As PSI is an ETF that includes Micron Technology Inc, the positive outlook for Micron could lead to increased investor interest in PSI, potentially impacting its price positively in the short term.
CONFIDENCE 80
IMPORTANCE 60
RELEVANCE 50