Micron (MU) Defended at UBS, Reiterated Top Pick After a 'Key Clearing Event'
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Micron Slips on Soft Guidance, BofA Downgrades on 'Large but Insufficient Reset'
July 1, 2022 6:52 AM EDTShares of Micron Technology (NASDAQ: MU) are down nearly 4% in pre-open Friday after the chipmaker offered soft guidance amid worsening demand trends.
The chip company reported Q3 adjusted EPS of $2.59, compared to $1.88 in the year-ago period and above the analyst consensus of $2.45 per share. Revenue came in at $8.64 billion, up 16% YoY and in line with the consensus projection.
Adjusted gross margin stood at 47.4%, up from 42.9% in the same period last year and below the expected 47.9%. Micron reported $3.84 billion in cash flow from operations, up 7.8% YoY, missing the consensus estimates of $4.42... More
