Micron Technology Inc. (NASDAQ:MU) on Wednesday posted better-than-expected financial results for the third quarter of fiscal 2026 and issued strong guidance for the current quarter.
Micron reported third-quarter revenue of $41.46 billion, exceeding analyst estimates of $35.59 billion, according to Benzinga Pro. The semiconductor company posted adjusted earnings of $25.11 per share, beating analyst estimates of $20.63 per share.
"Micron is investing at record levels in technology, products and supply to address our customers’ rapidly growing demand. We believe our multi-year Strategic Customer Agreements will significantly enhance the durability and predictability of Micron’s strong financial performance," said Sanjay Mehrotra, chairman, president and CEO of Micron.
Micron expects fourth-quarter revenue of $50 billion, plus or minus $1 billion, versus estimates of $42.95 billion. The company anticipates fourth-quarter adjusted earnings of $31 per share, plus or minus $1, versus estimates of $25.50 per share.
Micron shares jumped 11.5% to trade at $1,167.88 on Thursday.
These analysts made changes to their price targets on Micron following earnings announcement.
- Needham analyst N. Quinn Bolton maintained the stock with a Buy and raised the price target from $1,550 to $1,650.
- B of A Securities analyst Vivek Arya maintained Micron with a Buy and raised the price target from $1,500 to $1,550.
- Keybanc analyst John Vinh maintained the stock with an Overweight rating and boosted the price target from $600 to $1600.
- Rosenblatt analyst Kevin Cassidy maintained Micron with a Buy and increased the price target from $1,200 to $1,500.
- Susquehanna analyst Mehdi Hosseini maintained the stock with a Positive and raised the price target from $1,750 to $2,000.
Considering buying MU stock? Here’s what analysts think:
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