Shares of chip maker Micron (NASDAQ:MU) soared in after-hours trading after the company reported earnings for its second quarter of Fiscal Year 2024. Earnings per share came in at $0.42, which beat analysts’ consensus estimate of -$0.25 per share.
Sales increased by 57.7% year-over-year, with revenue hitting $5.82 billion. This beat analysts’ expectations by $470 million.
Looking forward, management now expects revenue and adjusted earnings per share for Q3 2024 to be in the ranges of $6.4 billion to $6.8 billion and $0.38 to $0.52, respectively. For reference, analysts were expecting $6 billion in revenue along with an adjusted EPS of $0.21.
Is MU a Good Stock to Buy?
Turning to Wall Street, analysts have a Strong Buy consensus rating on MU stock based on 25 Buys, one Hold, and one Sell assigned in the past three months, as indicated by the graphic below. After a 65% rally in its share price over the past year, the average MU price target of $104.76 per share implies 8.84% upside potential. However, it’s worth noting that estimates will likely change following today’s earnings report.
