CFRA, an independent research provider, has provided MT Newswires with the following research alert. Analysts at CFRA have summarized their opinion as follows: We boost our 12-month target to $94 from $85, on P/E of 13x our CY 25 EPS view, near MU’s long-term historical average. We narrow our FY 24 (Aug.) loss per share estimate to $0.51 from $1.12 and raise FY 25’s EPS to $6.14 from $5.91. MU posts Nov-Q loss per share of $0.95 vs. $0.04 loss, beating the $1.01 consensus loss view. Sales rose 18% from Aug-Q, better than expected, led by 24% growth in DRAM while NAND rose a more modest 2%. We are encouraged by improving gross margin trajectory (13% seen in Feb-Q vs. 6% consensus) and see a path towards 35%-40% by CY 24 end as well as return to profitability by the May-Q, driven by higher pricing, higher utilization, and better mix. […]

Micron Technology (MU) reported a fiscal Q1 non-GAAP diluted loss late Wednesday of $0.95 per share, compared with a loss of $0.04 a year earlier. Analysts polled by Capital IQ expected a loss of $1.01 normalized. Revenue for the quarter that ended Nov. 30 was $4.73 billion, up from $4.09 billion a year earlier. Analysts surveyed by Capital IQ expected $4.63 billion. The company said it expects a fiscal Q2 non-GAAP loss of $0.28 plus/minus $0.07. Analysts expect a loss of $0.61 normalized. Micron expects revenue of $5.30 billion-plus/minus $200 million for the quarter. Analysts expect $5.05 billion.

Micron Technology (NASDAQ:MU) Stock Analyst Ratings Date Upside/Downside Analyst Firm Price Target Change Rating Change Previous / Current Rating 12/21/2023 14.42% Barclays $85 → $95 Maintains Overweight 12/21/2023 20.44% Keybanc $90 → $100 Maintains Overweight 12/19/2023 20.44% Rosenblatt → $100 Reiterates Buy → Buy 12/18/2023 8.39% BMO Capital $80 → $90 Maintains Outperform 12/18/2023 34.89% Susquehanna $90 → $112 Maintains Positive 12/15/2023 -8.47% Stifel $72 → $76 Maintains Hold 12/15/2023 14.42% B of A Securities $77 → $95 Upgrades Neutral → Buy 12/11/2023 8.39% UBS $76 → $90 Maintains Buy 12/06/2023 3.58% Mizuho $82 → $86 Maintains Buy 11/29/2023 5.99% Citigroup $85 → $88 Maintains Buy 11/29/2023 -1.24% Raymond James $76 → $82 Maintains Outperform 11/29/2023 2.37% Barclays $80 → $85 Maintains Overweight 11/29/2023 2.37% Needham $75 → $85 Maintains Buy 11/27/2023 -13.89% Morgan Stanley $58.5 → $71.5 Maintains Underweight 09/28/2023 -29.54% Morgan Stanley $58.5 → $58.5 Reiterates Underweight →