Micron Technology (NASDAQ: MU) stock surged over 6% on Monday after a Wells Fargo analyst raised its price target.
Micron Technology (MU) has received an Overweight rating from Aaron Rakers, a Wells Fargo analyst, with an 85% accuracy rate. Rakers raised the price target for Micron from $125 to $135 on March 21, 2024, predicting a 23% upside in the stock.
This upgrade comes in the wake of the company’s better-than-expected quarterly results. Micron reported revenue of $5.82 billion for the first quarter, beating the consensus estimate of $5.342 billion. In addition, the company posted a surprise profit of 42 cents per share compared to analysts’ estimates of a 25-cent loss per share.
The operating cash flow for the quarter was $1.22 billion, a significant increase from the $343 million reported in the same quarter last year but a decrease from the $1.4 billion reported in the previous quarter. The adjusted free cash flow came in at a negative $29 million.
Micron has also issued an upbeat outlook for the fiscal third quarter. The company expects revenue of $6.6 billion, plus or minus $200 million, compared to estimates of $6 billion. The company also foresees adjusted earnings in the range of 38 cents to 52 cents per share, well above the analyst estimates of 20 cents per share.
Micron Technology (NASDAQ: MU) Stock Performance
MU stock jumped 6.28% to close at $117.13 on Monday. The traders had exchanged hands with 55,498,831 (55.49 million) shares compared to the average daily trading volume of 17.13 million.
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