Why Is Micron Technology Stock Trading Higher Thursday?

Micron Technology, Inc MU stock traded higher Thursday following mixed first-quarter financial results the company published Wednesday after the close.

Micron reported first-quarter revenue of $4.73 billion, which beat the consensus estimate of $4.27 billion. The company reported an EPS loss of 95 cents versus the analyst's estimated loss of 91 cents.

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Micron expects second-quarter revenue of $5.3 billion, plus or minus $200 million, versus estimates of $5.03 billion. 

The company expects an adjusted loss of 21 cents - 35 cents versus loss estimates of 62 cents.

Analysts bumped up their price targets on the stock following the results.

Barclays analyst Tom O'Malley maintained Micron with an Overweight and raised the price target from $85 to $95.

Keybanc analyst John Vinh maintained an Overweight and raised the price target from $90 to $100.

Price Action: MU shares traded higher by 5.46% at $82.99 premarket on the last check Thursday.

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