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Wednesday, March 03, 2021 12:35:27 PM
Micron Technology (MU) Higher After Raising Earnings Estimates
By: TheStreet | March 3, 2021
• Micron estimates adjusted earnings per share will total 93 cents to 98 cents, up from its prior range of 68 cents to 82 cents. The chipmaker's stock is up.
Micron Technology (MU) shares rose Wednesday after the largest U.S. maker of memory chips lifted its earnings estimates for the current quarter, which ends Thursday.
For that fiscal 2021 second quarter, the Boise, Idaho, company estimates adjusted earnings per share will total 93 cents to 98 cents, up from the range of 68 cents to 82 cents in its previous forecast.
It also projects revenue of $6.2 billion to $6.25 billion for the latest quarter, up from its prior estimates of $5.6 billion to $6 billion.
Micron sees gross margin at 26% to 27%, up from 24% to 26%.
Micron recently traded at $91.43, up 0.4%. It has traded on Wednesday as high as $93.33, up 2.5%. And it has jumped 79% over the past year, as the COVID pandemic spurred demand for technology products.
TheStreet.com Founder Jim Cramer expressed enthusiasm about the stock in January but at lower levels.
Morningstar analyst Abhinav Davuluri in January put fair value for the company at $65. But he likes the company.
“We believe Micron is well positioned to enjoy double-digit revenue growth in fiscal 2021, thanks to increased memory content associated with AI, cloud, 5G, and new game consoles,” he wrote.
“Consequently, we are raising our fair value estimate to $65 per share from $50 per share for no-moat Micron,” he wrote after the company’s Jan. 8 earnings report.
To be sure, “as Micron operates in the highly competitive and cyclical memory space, we believe its long-term profitability will be somewhat volatile, though recent consolidation has helped mitigate the sharp swings Micron and its peers have experienced historically,” Davuluri said.
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By: TheStreet | March 3, 2021
• Micron estimates adjusted earnings per share will total 93 cents to 98 cents, up from its prior range of 68 cents to 82 cents. The chipmaker's stock is up.
Micron Technology (MU) shares rose Wednesday after the largest U.S. maker of memory chips lifted its earnings estimates for the current quarter, which ends Thursday.
For that fiscal 2021 second quarter, the Boise, Idaho, company estimates adjusted earnings per share will total 93 cents to 98 cents, up from the range of 68 cents to 82 cents in its previous forecast.
It also projects revenue of $6.2 billion to $6.25 billion for the latest quarter, up from its prior estimates of $5.6 billion to $6 billion.
Micron sees gross margin at 26% to 27%, up from 24% to 26%.
Micron recently traded at $91.43, up 0.4%. It has traded on Wednesday as high as $93.33, up 2.5%. And it has jumped 79% over the past year, as the COVID pandemic spurred demand for technology products.
TheStreet.com Founder Jim Cramer expressed enthusiasm about the stock in January but at lower levels.
Morningstar analyst Abhinav Davuluri in January put fair value for the company at $65. But he likes the company.
“We believe Micron is well positioned to enjoy double-digit revenue growth in fiscal 2021, thanks to increased memory content associated with AI, cloud, 5G, and new game consoles,” he wrote.
“Consequently, we are raising our fair value estimate to $65 per share from $50 per share for no-moat Micron,” he wrote after the company’s Jan. 8 earnings report.
To be sure, “as Micron operates in the highly competitive and cyclical memory space, we believe its long-term profitability will be somewhat volatile, though recent consolidation has helped mitigate the sharp swings Micron and its peers have experienced historically,” Davuluri said.
Read Full Story »»»
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