On March 23, shares of Micron stock (MU:NSD) reached a one-month high price of $61.78. The price increase occurs as the company prepares to announce its second-quarter fiscal 2023 results on March 28, 2023, after the market closes.
Even though Wall Street expects Micron stock to report an adjusted loss of $0.66 per share on revenues of $3.74 billion, analysts remain optimistic about the chipmaker’s future. Micron is a leader in the markets for dynamic random-access memory (DRAM) and NAND chips, but large inventories of these chips at Micron and its customers are causing the business to write down its inventory.
Citigroup analyst Christopher Danely reaffirmed a Buy recommendation on Micron stock with a $75 price target, citing the likelihood that Micron will disclose a massive inventory write-down in its Q2 earnings and negative profits for the first time in over a decade. Danely anticipates that the market for Micron’s memory chips will eventually recover, resulting in an upward trend.
Mehdi Hosseini, a Susquehanna analyst, echoes Danely’s assessment, reducing FY23 projections due to write-downs and demand concerns. Hosseini has a Buy rating and a $65 price target on Micron stock, indicating an approximately 6% upside potential.
With nine Buy ratings and three Hold ratings, Micron stock has a consensus rating of Buy on Stock Target Advisor, with a price target of $61.43 implying a 9.7% upside from present levels. MU stock has risen 21.8% so far this year.
