Micron Shares Drop 2% After Goldman Doubles Target to $900
MU•Goldman Sachs raised Micron’s price target to $900 from $400 while maintaining a Neutral rating, driving shares 2% lower after hours. Wall Street forecasts fiscal Q3 revenue of $34 billion and $19.47 EPS for the June 24 report, though UBS projects $36 billion and $20.96 EPS.
1. Goldman Sachs Doubles Price Target
Goldman Sachs analyst James Schneider more than doubled Micron’s price target to $900 from $400, yet kept a Neutral rating based on existing bullish investor positioning despite the stock’s run-up.
2. After-Hours Share Reaction
The revised target, implying about 4% downside, prompted a 2% drop in Micron shares in after-hours trading, reflecting mixed sentiment on valuation versus growth prospects.
3. Q3 Guidance and Consensus
Micron is set to report fiscal Q3 results on June 24, with company guidance at $33.5 billion revenue (±$0.75 billion) and $19.15 EPS (±$0.40). Street estimates average $34 billion revenue and $19.47 EPS.
4. UBS Projects Stronger Results
UBS analyst Timothy Arcuri forecasts upside, modeling $36 billion in Q3 revenue and $20.96 EPS, driven by stronger pricing in high-bandwidth memory for AI data centers.
