Shares of semiconductor major Micron (NASDAQ:MU) turned lower at the time of writing despite the company raising its outlook for the first quarter.
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Buoyed by improved supply and demand balance and pricing gains, the company now expects revenue for the quarter to reach $4.7 billion. Earlier, it had guided for a revenue range of $4.4 billion, +/-$200 million. Further, non-GAAP gross margin is anticipated to approach breakeven, compared to the previous outlook of -4%, +/-2%.
Moreover, EPS for the quarter is seen landing at -$1. In comparison, the prior outlook had pegged EPS at -$1.07, +/-$0.07. Additional updates from the company’s top brass are awaited in a fireside chat at the 2023 UBS Global Technology Conference in Scottsdale, Arizona, today.
Micron is slated to announce its first-quarter results on December 20. Analysts expect the company to generate an EPS of -$1.04 on revenue of $4.40 billion for the quarter. In the comparable year-ago period, Micron’s EPS of -$0.04 had lagged the Street’s expectations by $0.02.
Is MU a Good Stock to Buy?
Despite today’s price decline, shares of the company still remain nearly 34% higher over the past year. Overall, the Street has a Moderate Buy consensus rating on Micron, and the average MU price target of $78.85 implies a modest 5.7% potential upside in the stock.
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