|Bid||80.41 x 1300|
|Ask||80.49 x 1100|
|Day's Range||79.53 - 81.88|
|52 Week Range||31.13 - 84.16|
|Beta (5Y Monthly)||1.36|
|PE Ratio (TTM)||30.45|
|Earnings Date||Mar 23, 2021 - Mar 29, 2021|
|Forward Dividend & Yield||N/A (N/A)|
|Ex-Dividend Date||May 07, 1996|
|1y Target Est||95.99|
For Micron (MU), the end of 2020 was marked by a shift from a company struggling under difficult macro conditions and the semiconductor industry’s cyclical nature to one offering a more optimistic outlook. The transition got full confirmation last Thursday when the memory giant beat the estimates in its latest quarterly results.In F1Q21, Micron delivered revenue of $5.77 billion, a 12.3% uptick over the same period last year, while beating Street’s forecast by $110 million. FQ1 Non-GAAP EPS of $0.78 came in $0.09 above consensus.The company’s guidance for the next quarter was also a display of strength, with revenue anticipated to come in between $5.6 billion to $6 billion, above the $5.52 billion of revenue Street analysts were calling for.Evidently, demand for Micron’s memory products is on the rise. The trends are in Micron’s favor, too. 5G smartphones require more DRAM memory and the company is well positioned to benefit as 5G use becomes more prevalent in the years ahead.Susquehanna analyst Mehdi Hosseini says that despite the bullish sentiment, Micron’s tone on the earnings call was one of caution, which reminds him of the noises made in the previous earnings call. Yet, he sees this vigilant position as a positive.“We actually favor conservatism especially in the current environment where customers are unwilling to commit to more than a few months of shipment contracts,” Hosseini said.However, Hosseini tells investors to “focus on earning power a year out.” And in this regard, the analyst is unequivocally positive.“We argue MU remains on pace to exit 2021 with well over $2 of quarterly earnings,” the 5-star analyst opined. “In fact, after two years of recession in earnings (FY/CY 19-20), compares are favorable, pricing dynamics changing to favor suppliers, and there are increased prospects of quarterly operating margin doubling over the next year."As a result, Hosseini reiterated a Positive (i.e. Buy) rating on MU, while increasing his price target from $90 to $100. The new figure implies a 26% upside potential from current levels. (To watch Hosseini’s track record, click here)Hosseini’s bullish assessment is no anomaly on Wall Street. The stock currently boasts 23 Buys alongside 2 Holds, all adding up to a Strong Buy consensus rating. At $96.92, the average price target is set to provide gains of 22% over the next 12 months. (See Micron stock analysis on TipRanks)To find good ideas for chip stocks trading at attractive valuations, visit TipRanks’ Best Stocks to Buy, a newly launched tool that unites all of TipRanks’ equity insights.Disclaimer: The opinions expressed in this article are solely those of the featured analyst. The content is intended to be used for informational purposes only. It is very important to do your own analysis before making any investment. More recent articles from Smarter Analyst: * J.P. Morgan Reiterates Neutral Stance on Moderna Following Healthcare Conference * These 2 Penny Stocks Could Surge Over 300%, Say Analysts * Quanterix’s Covid-19 Antigen Test Cleared For Emergency Use In US; Shares Pop 10% * Applied DNA Sciences (APDN): Next Stop, $18?
Every week, Benzinga conducts a sentiment survey to find out what traders are most excited about, interested in or thinking about as they manage and build their personal portfolios.We surveyed a group of over 500 investors on whether shares of Micron Technology (NASDAQ: MU) will reach $200 by 2022.Micron Stock Forecast Micron historically focused on providing DRAM for PCs and servers. The firm then expanded into the NAND flash memory market. The company increased its DRAM scale with the purchase of Elpida (completed in mid-2013) and Inotera (completed in December 2016).The company's top competitors within the computer memory space include Advanced Micro Devices, Inc (NASDAQ: AMD), Nvidia Corporation (NASDAQ: NVDA) and Intel Corporation (NASDAQ: INTC).The Idaho-based computer memory and data storage producer continues to garner investor attention given its marked earnings growth.In the company's first-quarter earnings report, earnings rose 62.5% over the past year to 78 cents per share, which beat the estimate by seven cents. Revenue of $5.77 billion rose by 12.23% from the same period last year, which beat the estimate of $5.73 billion.Survey SaysMicron trades around $79.45 at the time of publishing, off the 52-week low of $31, and 60% of Benzinga traders said Micron would indeed reach $200 per share by 2022.Respondents to the survey said the stock will increase over the next year given the increased demand for and sales of the company's memory product solutions for the cloud server, enterprise, client, graphics and networking markets.Respondents emphasized Micron's ultra-bandwidth solutions, which are known to deliver maximum bandwidth to feed client's data-hungry workloads like high-performance computing, artificial intelligence systems and professional visualization workstations, will continue to spike in demand amid a transition to long-term remote working conditions.This survey was conducted by Benzinga in January 2021 and included the responses of a diverse population of adults 18 or older.Opting into the survey was completely voluntary, with no incentives offered to potential respondents. The study reflects results from over 500 adults.Photo credit: Mike Deal, FlickrSee more from Benzinga * Click here for options trades from Benzinga * Thinking About Buying Stock In FuelCell, Micron, Discovery Or Carnival? * Will Nvidia Or Micron Stock Grow More By 2022?(C) 2021 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
The key metric for this semiconductor giant is demand from internet-connected devices and data centers.