Micron's stock fell 3.8% in overnight trading following a 16% surge to a record high after Q3 revenue jumped 346% to $41.46 billion and EPS reached $25.11. Analysts from DA Davidson, Deutsche Bank and Wedbush raised their price targets to $2,000, $1,550 and $1,400, all maintaining Buy ratings.
Micron reported fiscal third-quarter revenue of $41.46 billion, a 346% year-over-year increase, and delivered EPS of $25.11, surpassing estimates of $35.3 billion revenue and $20.28 EPS. The surge was driven by favorable memory pricing dynamics and detailed long-term forward contracts covering a significant portion of bit output.
Shares climbed 16% to a record high during regular trading after the blowout quarter, marking the best monthly gain in a year. Profit-taking pushed the stock down 3.8% in overnight trading as some investors locked in gains following the rapid advance.
DA Davidson lifted its target to $2,000 from $1,500, Deutsche Bank raised its target to $1,550 from $1,500, and Wedbush raised its target to $1,400 from $1,300. All three firms cited exceptional sales visibility and robust forward guidance, and 38 out of 43 analysts maintain Buy ratings with an average target implying 13% upside.
