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Micron Technology is expected to report earnings after the market closes on Wednesday.
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All but one of the analysts who follow Micron and are tracked by Visible Alpha have a “buy” or equivalent rating on the chipmaker.
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Analysts expect Micron to turn a profit and post 84% year-over-year revenue growth.
Micron technology (MU) is expected to report first-quarter fiscal 2025 results after the market closes Wednesday, with analysts overwhelmingly optimistic about the chipmaker’s stock.
All but one of the 15 analysts covering the company and tracked by Visible Alpha have a “buy” or equivalent rating on Micron, with a consensus price target of around $142 – a nearly 40% premium to Friday’s closing price of $102 .50.
Wall Street expects Micron to report revenue of $8.72 billion, up 84% year over year, and for the company to post a profit of $1.84 billion, or $1.58 per share, compared to a loss of $1.23 billion or $1.12 per share per year. earlier.
The results come about a week after Micron was awarded a federal grant of up to $6.165 billion to make semiconductors in the US as part of the CHIPS and Science Act of 2022.
The Commerce Department said the money would support Micron’s “20-year vision” to invest about $100 billion in New York state and $25 billion in Idaho in new factories that will create about 20,000 jobs.
Shares of Micron rose more than 4% on Friday and are up about 20% since the start of the year.
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