Why Micron Technology Rallied 30.5% in June
Shares of memory giant Micron Technology (NASDAQ: MU) rallied 30.5% in June, according to data from S&P Global Market Intelligence.
Micron reported earnings late in the month that handily outpaced analyst expectations. Even though the stock fell in the aftermath, there had already been a huge run-up into the earnings report, reflecting a pre-earnings surge in memory pricing.
In its fiscal third quarter, Micron saw revenue grow 36.6% year over year to $9.3 billion, with adjusted non-GAAP (generally accepted accounting principles) earnings per share more than tripling to $1.91, each well ahead of analyst expectations. In addition, Micron forecast an above-consensus $10.7 billion in revenue for the next quarter, along with $2.50 in adjusted EPS, amounting to quarter-over-quarter growth rates of 15% and 31%, respectively.
Source Fool.com
Micron Technology Inc. Stock
The stock is one of the favorites of our community with 76 Buy predictions and 1 Sell predictions.
As a result the target price of 125 € shows a slightly positive potential of 17.33% compared to the current price of 106.54 € for Micron Technology Inc..
