Micron Technology Inc. (NASDAQ:MU) stock rose nearly 2% in afternoon trading in New York on Thursday, recovering from an early slide of almost 4%.
The memory chipmaker reported fiscal fourth-quarter revenue of $54.23 billion late Wednesday, up 379% from a year earlier and above the $51.13 billion consensus estimate.
Adjusted earnings per share of $33.42 beat the $31.50 forecast. Micron guided next-quarter revenue to $61.5 billion at the midpoint, topping the $57.24 billion consensus.
Wall Street turned more bullish after the report, according to MarketDash Analyst Ratings. Rosenblatt raised its price target to $1,900 from $1,500, DA Davidson to $2,100 from $2,000 and Mizuho to $1,400 from $1,300.
Of 26 analysts tracked, 25 rate Micron a Buy, with an average price target of $1,430, about 32% above Thursday's price.
