June 16, 2024

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Technology does the job

Micron Technology Put on Citi Adverse Catalyst View

A Citi analyst on Monday opened a destructive catalyst enjoy on shares of Micron Engineering , a working day prior to the semiconductor organization is scheduled to report fourth-quarter earnings.

a tall glass building: Micron Technology Placed on Citi Negative Catalyst Watch

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Micron Know-how Put on Citi Negative Catalyst Look at

Shares of the Boise, Idaho, organization at past examine were being up .4% at $49.31.

Analyst Christopher Danely, who has a provide score on the shares with a $35 selling price focus on, reported he expected Micron to report income down below steerage of $6 billion but in line with his $5.5 billion estimate owing to what he identified as a double dip in DRAM.

The analyst also expects the inventory to trade lower on the report and would be a lot more constructive on the inventory in the mid $30s, in accordance to The Fly.

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Last 7 days, TheStreet.com Founder Jim Cramer explained on CNBC that “Micron’s core DRAM business could be saved by their disk generate organization, but I really don’t see the inventory roaring except management states they see tightness coming in DRAMs.”


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“At these amounts, I’d be prepared to guess they do just that,” he said.

In June, Micron said it expected fiscal fourth-quarter earnings of 78 cents to 98 cents a share, or an modified 95 cents to $1.15 a share. Income ought to arrive in at $5.75 billion to $6.25 billion.

Analysts surveyed by FactSet have been anticipating the organization to gain 71 cents a share, or an altered 79 cents, on profits of $5.46 billion.

The business claimed fiscal-3rd-quarter earnings of 71 cents a share, or an adjusted 82 cents, in comparison with 74 cents in the calendar year-before quarter. Profits climbed 14% to $5.44 billion from $4.79 billion.

FactSet had termed for internet money of 64 cents a share, or an adjusted 75 cents, on revenue of $5.27 billion.

This write-up was initially published by TheStreet.

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