Micron Sets $20 Q2 Target After $23.86B Revenue, Stock Drops 4%
Paul Meeks views Micron’s pullback as a prime buying opportunity after its latest quarter beat estimates with $23.86 billion in revenue and $12.20 adjusted EPS. Shares slid 4% after the earnings release and broader market dip below the S&P 500 200-day moving average on a 4% oil rally.
1. Earnings Beat and Strong Guidance
Micron reported $23.86 billion in revenue and $12.20 adjusted EPS for the latest quarter, surpassing consensus expectations and guiding for nearly $20 per share next quarter, nearly double its fiscal-2018 peak.
2. Analyst Bullish Perspective
Paul Meeks of Freedom Capital Markets labeled the recent pullback a prime buying opportunity, contending that AI infrastructure spending will extend the memory cycle and that peak earnings and elevated capex concerns are overdone.
3. Share Pullback and Market Context
Shares fell 4% as the S&P 500 slipped below its 200-day moving average, driven by a 4% surge in Brent crude and profit-taking across semiconductor and AI infrastructure stocks.