Micron Technology’s (MU) fiscal Q3 results, slated for release on June 26, will likely beat expectations on higher sales of computer memory, Wedbush Securities said Tuesday in a note to clients.
“We believe memory ASP gains were significantly ahead of expectations embedded in [Micron’s] guide,” the firm said. “And, we believe that [Micron] will outperform peers on a healthy mix shift towards eSSDs and DDR5.”
Wedbush said it increased its revenue and EPS estimates for Micron’s fiscal Q3 to $6.93 billion and $0.64, above the high end of the company’s previous guide of $6.6 billion, give or take $200 million, and 0.45, plus or minus $0.07, respectively. The brokerage’s updated estimates are also ahead of average consensus of $6.64 billion and $0.50, respectively.
The firm lifted Micron’s price target to $170 from $130 and maintained its outperform rating.
The company’s shares were up 4% in recent trading.