Is Micron (MU) Stock a Buy Ahead of September 30 Earnings?
TLDR
- Micron stock rose 1.2% in Tuesday’s premarket to $1,028.80, up 18% over the past month
- DRAM prices rose 6% in July month-over-month; NAND prices climbed 9%
- Q4 revenue is projected at $50.41 billion, up from $11.32 billion a year ago
- Adjusted EPS is expected to jump to $30.89 from $2.84 in the same quarter last year
- Analysts have an average price target of $1,295, about 27% above current levels
Micron stock was trading at $1,028.80 in Tuesday’s premarket, up 1.2% on the day, continuing a strong run that has seen the stock gain 18% over the past month. The latest memory chip pricing data appears to be giving investors another reason to buy.
According to World Semiconductor Trade Statistics, average selling prices for DRAM rose 6% in July from the prior month. NAND prices climbed 9% over the same period. J.P. Morgan analyst Harlan Sur noted that June data was also revised upward, with both DRAM and NAND sales revised about 6% higher.
DRAM accounts for roughly three quarters of Micron’s revenue, making those price moves particularly relevant heading into earnings.
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