BUZZ-Citi raises PT on Micron ahead of earnings, shares up

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BUZZ-Citi raises PT on Micron ahead of earnings, shares up

Reuters06-24

** Shares of memory chip maker Micron Technology up 1% to $140.1 premarket

** Citigroup hikes PT to $175 from $150 ahead of its Q3 results on June 26

** Expect MU to post results and outlook above consensus due to higher sales and gross margins driven by better-than-expected flash memory chips' pricing - Citi

** Also expects MU to give upbeat forecast due to higher sales

** "MU should continue to trade at a premium to its historical range given AI exposure" - Citi

** Citi notes that the co is expected to do well despite earthquake in Taiwan

impacting supply

and limiting sales this quarter

** According to LSEG, analysts expect Q3 profit and revenue at 51 cents/shr, and $6.66 bln, respectively

** For Q3, MU forecast revenue between $6.4 bln-$6.8bln and profit between 38 cents - 52 cents/shr

** Stock was up 63.5% YTD as of last close

(Reporting by Pranav Kashyap in Bengaluru )

((pranav.kashyap@thomsonreuters.com))

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