- Micron Technology, Inc MU reports May quarter earnings on June 30, after market close.
- Rosenblatt analyst Hans Mosesmann expects sales and non-GAAP EPS to be in-line with his sales and EPS estimates of $8.70 billion and $2.46, slightly above the consensus of $8.65 billion and $2.46, respectively.
- He sees the May quarter led by data center, auto, and industrial strength offset by the mixed or weaker consumer, low-end PC, and mobile handsets.
- Across the board, including in data center, mobile, PC, and auto, and better than expected bit shipment and pricing trends for DRAM and NAND.
- For the August quarter guide, he noticed some risk to his aggressive over 10% q/q sales growth assumption on mixed PC datapoints.
- However, he is comfortable in the company exceeding consensus mid-single-digit sales growth on data center product/content ramps as non-memory component shortages become less of a nasty headwind.
- He views DRAM bit demand growth for 2022 (and 2023, for that matter), exceeding ample supply of 16%-18%, as infrastructure-related end markets offsetting potential unit inflation-driven headwinds in consumer, PCs, and mobile.
- He expects management to reiterate a go-forward memory/storage market as memory, in particular, becomes a gating factor in compute performance enabling the company to see OM levels of 30% plus, FCF >10%, and EBITDA margins in the low-50% level.
- He rated the stock as a Buy with a price target of $165.
- Price Action: MU shares traded lower by 3.51% at $55.83 on the last check Wednesday.
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