Earnings Watch: Micron On Deck
Estimize | Jun 27, 2017 02:24PM ET
Micron Technology (NASDAQ:MU) will release FQ3’17 earnings after the market closes on Thursday, June 29. Micron has been showing a strong upward trend since FQ4’16, beating the Street every release and the same can be seen for revenue. For the latest quarter the Estimize community has come to a consensus of $1.52 for EPS, which is $.03 higher than the street. On the revenue side Estimize is also slightly more bullish, predicting $5,471M vs. $5,402M for Wall Street. Estimize data also highlights that Micron sees positive price movement after an earnings release 55% of the time.
Micron manufactures various memory and storage technologies for computers and mobile devices. Micron continues to see increased demand from these devices and with higher demand the price of its DRAM (dynamic random-access memory) continues to increase. DRAM encompasses around 66% of Micron’s revenue and Micron has seen 86% growth in revenue since last year. There has been some worries of Chinese firms coming in and undercutting Micron, however their R&D continues to keep them ahead of the curve. The 1-year target for Micron sits at $38, which is about a 16% upside from where the stock stands now.
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