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Micron Technology is set to report earnings after the market closes Wednesday.
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All but one of the analysts who follow Micron and are tracked by Visible Alpha have a “buy” or equivalent rating for the chipmaker.
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Analysts expect Micron to swing to a profit and post revenue growth of 84% year-over-year.
Micron Technology (MU) is set to report fiscal 2025 first-quarter earnings after the market closes Wednesday, with analysts overwhelmingly bullish on the chipmaker’s stock.
All but one of the 15 analysts who follow the company and are tracked by Visible Alpha have a “buy” or equivalent rating for Micron, with a consensus price target of roughly $142—a close to 40% premium over Friday’s closing price of $102.50.
Wall Street expects Micron to report revenue of $8.72 billion, 84% higher year-over-year, and for the company to swing to a profit of $1.84 billion or $1.58 per share, compared to a loss of $1.23 billion or $1.12 per share a year earlier.
The results come about a week after Micron was awarded a federal grant of up to $6.165 billion to make semiconductors in the U.S. as part of the CHIPS and Science Act of 2022.
The Commerce Department said the money would support Micron’s “two-decade vision” to invest approximately $100 billion in New York state and $25 billion in Idaho for new factories that will create about 20,000 jobs.
Shares of Micron rose over 4% Friday and have gained about 20% since the start of the year.
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Source: finance.yahoo.com