Is It Too Late to Buy Micron Technology Stock?
The rally in semiconductor stocks this year helped shares of Micron Technology (NASDAQ: MU) rise impressively in the first half of 2023 despite the memory market's downturn, but the stock has been pulling back despite reporting better-than-expected results at the end of June.
Micron released its fiscal 2023 third-quarter results (for the three months ended June 1) on June 28. The company delivered $3.75 billion in revenue, which exceeded consensus estimates of $3.65 billion. It also reported a smaller-than-expected loss of $1.43 per share, as compared to analysts' expectations of a loss of $1.61 per share.
The company's revenue guidance of $3.9 billion for the current quarter was also slightly ahead of the $3.88 billion consensus estimate. But Micron's quarterly results didn't receive a positive response from the market, as the stock has lost nearly 5% since June 28. Nevertheless, the stock posted impressive gains of 28% so far this year. However, a closer look at Micron's earnings report reveals significant challenges facing the company.
Source Fool.com
Micron Technology Inc. Stock
Our community is currently high on Micron Technology Inc. with 97 Buy predictions and 5 Sell predictions.
As a result the target price of 126 € shows a positive potential of 28.6% compared to the current price of 97.98 € for Micron Technology Inc..