Micron Technology Inc MU is trading lower Wednesday after the company announced its fiscal fourth quarter financial results and issued guidance below estimates.
Micron reported adjusted quarterly earnings of $2.42 per share, which beat the estimate of $2.33 per share. The company reported quarterly revenue of $8.27 billion, which beat the estimate of $8.22 billion.
Micron expects fiscal first quarter earnings to be in a range of $2 per share to $2.20 per share versus the estimate of $2.61 per share. The company expects fiscal first quarter revenue to be in a range of $7.45 billion to $7.85 billion versus the estimate of $8.63 billion.
“In fiscal 2021, we established DRAM and NAND technology leadership, drove record revenues across multiple markets, and initiated a quarterly dividend. The demand outlook for 2022 is strong, and Micron is delivering innovative solutions to our customers, fueling our long-term growth," said Sanjay Mehrotra, president and CEO of Micron.
Analyst Assessment: Multiple analyst firms lowered price targets on the stock following the company's financial results:
- Barclays analyst Blayne Curtis maintained Micron with an Overweight rating and lowered the price target from $110 to $87.
- Deutsche Bank analyst Sidney Ho maintained Micron with a Buy rating and lowered the price target from $95 to $90.
- Mizuho analyst Vijay Rakesh maintained Micron with a Buy rating and lowered the price target from $97 to $90.
- Susquehanna analyst Mehdi Hosseini maintained Micron with a Positive rating and lowered the price target from $135 to $125.
- UBS analyst Timothy Arcuri maintained Micron with a Buy rating and lowered the price target from $95 to $90.
MU Price Action: Micron has traded as high as $96.96 and as low as $46.50 over a 52-week period.
The stock was down 3.71% at $70.38 at time of publication.
Photo: courtesy of Micron.
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