Micron Technology Inc MU shares are trading higher Friday. The stock has been volatile since the company reported its fiscal fourth-quarter results Thursday after the bell.
What Happened: Micron reported fourth-quarter revenue of $6.64 billion, which missed average analyst estimates of $6.68 billion, according to Benzinga Pro. The company reported quarterly adjusted earnings of $1.45 per share, which beat average estimates of $1.30 per share.
Micron said it ended the quarter with a net cash position of $4.15 billion after repurchasing approximately 13.2 million shares for $784 million during the quarter.
“Our technology and manufacturing leadership in both DRAM and NAND, deep customer relationships, diverse product portfolio, and strong balance sheet put Micron on solid footing to navigate the weakened near-term supply-demand environment,” said Sanjay Mehrotra, president and CEO of Micron.
What’s Next: Micron expects fiscal first-quarter revenue to be approximately $4.25 billion, plus or minus $250 million versus average analyst estimates of $5.62 billion.
The company said it expects first-quarter adjusted earnings of approximately 4 cents per share, plus or minus 10 cents per share, versus average estimates of 64 cents per share.
“We are taking decisive steps to reduce our supply growth including a nearly 50% wafer fab equipment capex cut versus last year, and we expect to emerge from this downcycle well positioned to capitalize on the long-term demand for memory and storage,” Mehrotra said.
Related Link: What Micron Investors Need To Know About Q4 Results: Earnings Beat, Revenue Miss, Weak Guidance
Analyst Assessment: Several analysts lowered price targets on the stock following the company’s quarterly results.
- BofA Securities analyst Vivek Arya maintained Micron with a Neutral and lowered the price target from $62 to $58.
- BMO Capital analyst Ambrish Srivastava maintained Micron with an Outperform and lowered the price target from $80 to $70.
- Morgan Stanley analyst Joseph Moore maintained Micron with an Underweight and lowered the price target from $56 to $49.
- Piper Sandler analyst Harsh Kumar maintained Micron with an Underweight and lowered the price target from $50 to $45.
MU Price Action: Micron has a 52-week high of $98.45 and a 52-week low of $48.45.
The stock was up 1.92% at $50.96 at time of publication.
Photo: courtesy of Micron.
Image and article originally from www.benzinga.com. Read the original article here.