From Investor's Business Daily, June 22:
Wall Street analysts expect memory-chip maker Micron Technology (MU) to post blowout results for its fiscal third quarter late Wednesday. Micron stock is trading in record high territory as the company benefits from insatiable demand from AI data centers.
Analysts expect the Boise, Idaho-based company to earn an adjusted $20.76 a share on sales of $35.75 billion, according to FactSet. That would translate to year-over-year growth of 987% in earnings and 284% in revenue. Micron is on pace to post its sixth consecutive quarter of triple-digit percentage gains in earnings. Analysts see such gains continuing for three more quarters.
For the current quarter, Micron's fiscal Q4, Wall Street is modeling earnings of $25.39 a share, up 738%, on sales of $43.14 billion, up 281%.
On Monday, Needham analyst Quinn Bolton reiterated his buy rating on Micron stock and raised his price target to 1,550 from 500.
On the stock market today, Micron stock climbed 6.8% to close at 1,211.38. In intraday trading Monday, it hit a regular-session all-time high of 1,213.56.
"We believe the memory market has continued to strengthen over the past 90 days and see market fundamentals remaining stronger for longer as a result of continued strong demand, a robust pricing environment, and limited capacity additions," Bolton said in a client note....
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