Micron Technology (MU) reported record fiscal third-quarter revenue of $41.45 billion, more than quadrupling from the previous year and exceeding analyst expectations of $36.71 billion by nearly 13%. Adjusted earnings reached a record $28.86 billion, or $25.11 per share, surpassing estimates by 17% and soaring from $1.91 a year earlier.
The company’s management issued strong guidance for the fiscal fourth quarter, projecting revenue of approximately $50 billion, with adjusted EPS around $31 per share. Both figures are well above Wall Street expectations, with gross margins anticipated to improve to approximately 86%. Micron expects supply-demand conditions for DRAM and NAND to remain tight through 2027.
Micron shares currently trade at roughly 18X forward earnings, below the Zacks Computer-Integrated Systems Industry average of 21X and the S&P 500’s 22X. The average Zacks price target of $1,334 suggests an 18% upside, underlining strong market confidence in the company’s continued growth trajectory.
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