Things Are Finally Looking Up for Micron
Memory chip manufacturer Micron Technology (NASDAQ: MU) has been mired in one of the worst downturns in the industry's history. Demand for DRAM and NAND chips has fallen off a cliff, and pricing has tumbled far quicker than Micron has been able to reduce costs. Industrywide production cuts and slimmed-down capital spending plans were enacted in an attempt to bring supply and Demand back into sync.
Micron's last quarterly report was not encouraging. While revenue did edge up from the previous quarter, it was down substantially year over year. Micron also reported a negative gross margin and an enormous net loss. With $4.01 billion in revenue, the company booked a net loss of $1.43 billion.
Micron's guidance wasn't particularly optimistic, either. While revenue was pegged at $4.4 billion for the first quarter of fiscal 2024, about 10% higher sequentially, gross margin was still expected to be negative.
Source Fool.com
Micron Technology Inc. Stock
The stock is one of the favorites of our community with 142 Buy predictions and 1 Sell predictions.
As a result the target price of 425 € shows a slightly positive potential of 15.69% compared to the current price of 367.35 € for Micron Technology Inc..
