Micron Stock Gets Boost From Wedbush Ahead Of Earnings: 'Destined To Cycle Higher'
Portfolio Pulse from Adam Eckert
Micron Technology Inc (NASDAQ:MU) shares surged after Wedbush analyst Matt Bryson raised the price target from $130 to $170, anticipating a strong earnings report next week. Bryson expects higher-than-expected average selling prices for NAND and DRAM, leading to earnings of 64 cents per share and revenue of $6.93 billion, surpassing consensus estimates. The analyst predicts continued strength in the fourth quarter and believes memory will remain in undersupply through 2025, driving higher prices, revenue, margins, and EPS.
June 18, 2024 | 2:51 pm
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Wedbush raised its price target for Micron (MU) from $130 to $170, anticipating a strong earnings report with higher-than-expected NAND and DRAM prices. The analyst expects earnings of 64 cents per share and revenue of $6.93 billion, surpassing consensus estimates.
The raised price target and positive earnings expectations from a reputable analyst are likely to boost investor confidence and drive the stock price higher in the short term. The anticipation of higher-than-expected earnings and revenue, along with favorable market conditions for memory products, supports a positive outlook for Micron.
CONFIDENCE 95
IMPORTANCE 90
RELEVANCE 100