Shares of Micron (NASDAQ:MU) gained in after-hours trading after the company reported earnings for its first quarter of Fiscal Year 2024. Earnings per share came in at -$0.95, which beat analysts’ consensus estimate of $1 per share.
Sales increased by 15.6% year-over-year, with revenue hitting $4.73 billion. This beat analysts’ expectations by $100 million.
Looking forward, management now expects revenue and adjusted earnings per share for Q2 2024 to be in the ranges of $5.1 billion to $5.5 billion and -$0.35 to -$0.21, respectively. For reference, analysts were expecting $5.05 billion in revenue along with an adjusted EPS of -$0.61.
Is MU a Good Stock to Buy?
Turning to Wall Street, analysts have a Strong Buy consensus rating on MU stock based on 19 Buys, three Holds, and one Sell assigned in the past three months, as indicated by the graphic below. After a 55% rally in its share price over the past year, the average MU price target of $87.07 per share implies 10.65% upside potential.
