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Micron's Earnings Beat Prompts Analyst Price Target Hikes

Published 06/30/2020, 10:39 AM
Updated 06/30/2020, 10:40 AM
© Reuters.

By Christiana Sciaudone -- Micron Technology Inc (NASDAQ:MU). rose 6%, to $52.12, on Tuesday after fiscal third quarter results beat estimates, prompting a slew of analyst price target boosts.

Micron reported earnings per share of 82 cents and revenue of $5.44 billion, up from $4.8 billion a year earlier.

The memory-chip maker said sales surged in the third quarter as the pandemic forced more companies to expand their cloud computing capabilities. Sales should remain strong in the second half of the fiscal year. The company forecast fiscal fourth quarter revenue in a range of $5.75 billion to $6.25 billion.

According to MarketWatch and TipRanks, Micron received the following price target increases:

Instinet: $51 from $45
Raymond James: $65 from $60
JP Morgan: $70 from $65
Mizuho: $63 from $50
KeyBanc Capital: $70 from $59
RBC Capital: $60 from $55

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