Micron Technology (MU) Guidance Blows Out Expectations, PT Raised, Remains Top Pick at Citi

April 1, 2021 7:08 AM EDT
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Price: $90.00 -0.3%

Rating Summary:
    37 Buy, 10 Hold, 1 Sell

Rating Trend: Up Up

Today's Overall Ratings:
    Up: 9 | Down: 8 | New: 34
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Citi analyst Christopher Danely raised the price target on Micron Technology (NASDAQ: MU) to $135.00 (from $130.00) after the company reported F2Q21 sales of $6.24 billion (up 8% QoQ), above Consensus of $6.23 billion (up 8% QoQ) due to strong DRAM demand (71% of F2Q21 revenues). EPS (including SBC) of $0.88 was above Consensus of $0.86 due to better DRAM pricing and lower expenses. Management guided F3Q21 revenue to $7.10 billion (up 14% QoQ), above Consensus of $6.74 billion due to better DRAM pricing. EPS was guided to $1.53 (incl. SBC), above Consensus of $1.14.

The analyst reiterated a Buy rating, stating "We are raising estimates and our price target and continue to expect upside to Consensus estimates all year. We reiterate our Buy rating and raise our price target from $130.00 to $135.00 for the stock due to the DRAM recovery."



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