Semiconductor Company Micron Technology smack is set to report third quarter financial results after the market closes on Wednesday.
Here are earnings estimates, what analysts are saying and key items to watch.
Estimates of income: Analysts expect Micron to report third-quarter revenue of $6.63 billion, according to data from Benzinga Pro.
The revenue estimate would be an improvement from the $3.75 billion reported in the third quarter last year. Micron has beaten analysts’ revenue estimates in four consecutive quarters and seven of the last 10 quarters overall.
Analysts expect Micron to report third-quarter earnings per share of 49 cents, compared with a loss of $1.43 in last year’s third quarter. The company has beaten revenue estimates in four consecutive quarters and eight of the last 10 quarters.
The company’s guidance calls for third-quarter revenue of $6.6 billion, plus or minus $200 million, and earnings per share of 38 cents to 52 cents, based on estimates given during second-quarter results.
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What analysts say: Micron has received many analyst updates and price target changes ahead of its third quarter earnings report.
Higher average sales prices for the third quarter could be a key item to watch according to Wedbush analyst Matt Bryson.
The analyst has an outperform rating and raised the price target recently from $130 to $170.
Bryson expects Micron to beat analysts’ estimates and raise guidance. The analyst saw Micron’s average sales prices, revenues, margins and earnings per share all trend higher.
“We expect only positive news on MU’s financials for some time to come and expect the stock to continue to rise until we see a change in the industry’s investment plans,” Bryson said.
A “beat-and-raise” in the third quarter is also expected by the Rosenblatt analyst Hans Mosesmann.
The analyst has a Buy rating and $225 price target on Micron.
Mosesmann sees increased demand for AI applications continuing in Micron’s third quarter and some positive trends continuing into 2026 and 2027.
Here are other analysts’ estimates on Micron and their price targets:
Morgan Stanley: Equal-weight rating raised the price target from $130 to $140
Quote: The buy rating raised the rice target from $150 to $175
Bird: Outperform rating, raised price target from $150 to $172
Raymond James: Best rating, raises price target from $130 to $160
Wolfe Research: Best rating, raises price target from $150 to $200
Top items to watch: Micron is among the companies benefiting from the growth in the artificial intelligence sector.
“Our core product portfolio positions us well to deliver a strong second half of fiscal 2024. We believe Micron is one of the largest beneficiaries in the semiconductor industry of the multi-year AI-enabled opportunity,” Micron CEO Sanjay Mehrota said after the second quarter results.
Investors will likely look for an update on customer demand and AI growth during the quarterly results.
A recent Bloomberg report said Micron is facing delays in building a factory in New York. Delays have pushed the innovator back to 2025. The project could help Micron ramp up domestic chip production.
Micron may share an update on this latest delay and other manufacturing projects that could affect future growth.
MU price action: Shares of Micron closed Tuesday at $141.12 versus a 52-week trading range of $60.50 to $157.54. Micron’s stock is up 113% over the past year and over 60% year-to-date in 2024.
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