Micron. Earnings Puts & Takes. Take Your Pick
Things are looking up for Micron, but 2024 will still be a "recovery" year.
Despite having already flagged better than forecasted Q1FY24 results back on November 28 last, Micron’s beat and raise following their December 20 earnings report has led to a ~>10% rally in the company’s share price in the intervening period.
This was driven perhaps in part by a robust 13% QoQ earnings forecast for the current quarter coupled with their positive outlook for PC & Data Center and Smartphone segments for 2024 as a whole.
Despite this broadly positive setup for the coming year, Micron continues to (rightly) pitch 2024 as a “recovery year”, to be followed by new records in 2025.
We share our thoughts on Micron’s latest earnings & forecast, ASP & Bit shipment growth, end markets outlook etc.
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