What's Going On With Micron's Stock?

Micron Technology, Inc. MU shares are trading lower Friday as the recent rally in semiconductor and AI-related stocks takes a breather. Here's a look at the details. 

What To Know:

Bloomberg reported Thursday Micron faces construction delays after it discovered two endangered North American bat species living in White Pine Commerce Park during an environmental review of the prospective factory site in New York. The company will have to wait until the bats migrate in November to begin cutting trees and groundbreaking on the new factory site has been pushed to 2025. 

Several analysts raised price targets on Micron this week: 

• B of A Securities analyst Vivek Arya maintained Micron with a Buy and raised the price target from $144 to $170.
• Susquehanna maintained a Positive rating and raised its price target from $143 to $185.
• Cantor Fitzgerald maintained Micron with an Overweight and raised the price target from $150 to $180.
• Wedbush analyst Matt Bryson raised the price target from $130 to $170.
• Stifel analyst Brian Chin maintained Micron with a Buy and raised the price target from $140 to $165.
• Wells Fargo maintained its Overweight rating and raised the price target from $135 to $190.

Micron is set to report its third-quarter financial results after the market close on June 26. Analysts expect earnings of 49 cents per share and revenue of $6.634 billion, according to estimates from Benzinga Pro.

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MU Stock Prediction 2024:

Micron Technology’s revenue growth in fiscal year 2023 was -49.48%, reflecting the influence of various factors including the macroeconomic environment, demand for its products and services, and its position relative to competitors. This growth is a critical indicator for investors assessing the company’s future prospects.

Some macro factors that could impact the company's performance in the next year include higher interest rates, progress on reeling in inflation and labor market strength. PPI recently came in at -0.2%, growing 2.2% from last year. The unemployment rate was most recently reported as 4.0%.

An investor should pay attention to economic conditions to decide whether they think the macro environment is positive or negative for Micron Technology stock. For real time economic data and breaking market updates, check out Benzinga Pro. Try it for free.

How does this stack up against Micron Technology's peers?

Investors may also want to analyze a stock in comparison to companies with similar products or in similar industries. Micron Technology operates in the Information Technology sector. The stock has experienced average annual growth of 21.25% compared to the 16.48% average of its peer companies. This is below the broader sector movement of Micron Technology.

MU Price Action: According to Benzinga Pro, Micron Technology shares are down 2.18% at $141.05 at the time of publication Friday.

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