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Micron is growing thanks to strong earnings. EPS or $4.78 beat by 82 cents. Revenue of $13.64 billion surpassed $760 million.
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With an Overweight rating on AVGO, Morgan Stanley has a $462 price target on AVGO.
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Shares of Advanced Micro Devices rose about 3%, or $6 per share, in premarket trading. Analysts at Piper Sandler give an Overweight rating to the stock.
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Shares of Micron (NASDAQ:MU) are up about 14%, or $31, this morning.
All thanks to strong profits. EPS or $4.78 beat by 82 cents. Revenue of $13.64 billion surpassed $760 million. Going forward, the company expects to earn between $8.22 and $8.62 per share, and revenue is expected to be between $18.3 billion and $19.1 billion for the second quarter. Analysts were expecting $4.78 per share on revenue of $14.3 billion.
“Our outlook for the second quarter reflects substantial records in revenue, gross margin, EPS and free cash flow, and we anticipate our business performance will continue to strengthen through fiscal 2026,” added Sanjay Mehrotra, Micron’s chairman, president and chief executive officer, quoted in an earnings release.
To further drive growth, Micron says supply and demand issues could create a $100 billion high-bandwidth memory (HBM) market by 2028, a milestone that is expected to arrive two years earlier than the company’s previous outlook.
Micron also declared a dividend of $0.115 per share, which will be paid on January 14 to shareholders of record as of December 29.
Broadcom (NASDAQ:AVGO) shares took a hit after management warned of margin pressures. However, as I noted the other day, analysts at Morgan Stanley still expect AVGO to see strong growth going forward.
With an Overweight rating on AVGO, Morgan Stanley has a $462 price target on AVGO. They also believe the latest pushback is an overreaction.
Bank of America analysts have a price target of $500 with a buy rating. Goldman Sachs has a price target of $450 with a buy rating. UBS has a price target of $472 with a Buy rating. And Bernstein has a $475 price target with an Outperform rating.
This morning, AVGO is gaining lost ground after UBS added that it’s time to buy the dip. Technically, AVGO is very oversold at $326.02. It is also overextended on RSI, MACD and Williams %R. From its last traded price of $326.02, we would like to see it rise back to $400.
Shares of Advanced Micro Devices (NASDAQ:AMD) rose about 3%, or $6 per share, in premarket trading. Analysts at Piper Sandler have an Overweight rating on the stock with a price target of $280 per share. Analysts are bullish on the stock ahead of Helios’ launch. Helios is a new rack-scale open AI platform designed for AI training and inference.
