To The Moon

HERE'S WHAT ANALYSTS HAVE TO SAY AFTER $MU Q4 EARNINGS:

Rosenblatt (Buy, PT: $250): "Micron delivered an 'unambiguous beat and raise,' with AI and data center demand outshining any smartphone/PC inventory concerns. Expect DRAM supply/demand to tighten through 2025. Micron is positioned as a top pick for 2024, especially with HBM memory already sold out through CY25."

JPMorgan (Overweight, PT: $180): "Micron outperformed with strong August results, exceeding fears. AI memory demand and a tightening DRAM supply/demand forecast are expected to drive outperformance through 2024/25."

Raymond James (Outperform, PT: $140): "Micron’s Q4 and Q1 outlook surpassed expectations, easing concerns over a potential memory cycle downturn. With HBM capacity sold out through 2025 and PC/smartphone inventories normalizing by spring 2025."

Citi (Buy, PT: $150): "Micron’s earnings exceeded consensus, driven by better-than-expected DRAM pricing. Despite lingering PC/handset inventory challenges, data center strength is offsetting headwinds. Reaffirmed a bullish stance on the DRAM recovery into 2025."

BofA Securities (Buy, PT: $125): "Micron beat expectations with data center-driven results, AI-levered HBM sales being a notable strength. Raised FY25/26 EPS estimates by 22%/31%. Expect softer fiscal Q2 on seasonality but maintain bullish outlook."

TD Cowen (Buy, PT: $135): "Despite inventory buildups in consumer segments, Micron’s exposure to data center strength drives a more favorable mid-cycle memory outlook. Expect momentum to continue with HBM and broader memory demand through 2025."

Goldman Sachs (Buy, PT: $145): "Micron's guidance surprised to the upside in revenue, gross margins, and EPS, especially in AI memory demand. Despite consumer market concerns, the company’s high-value segment gains (HBM, LPDDR5, and enterprise SSD) should sustain outperformance."

Stifel (Buy, PT: $200): "Micron ended FY24 on a high note, with a strong FY25 outlook reflecting positive cloud demand trends and a robust HBM ramp. With AI and data center demand driving memory growth."

Piper Sandler (Overweight, PT: $150): "Micron’s strong quarter beat expectations and reaffirmed the firm’s AI demand-driven thesis. With HBM supply sold out through 2024/25 and pricing contracted, Micron is set for continued growth."

UBS (Buy, PT: $135): "Despite bearish sentiment, Micron delivered results far exceeding expectations. The company's technology leadership and constructive supply/demand outlook through next year maintain confidence in Micron’s growth trajectory."

Susquehanna (Positive, PT: $165): "Micron’s Q4 results exceeded expectations despite ongoing challenges, and the AI-driven memory demand is proving resilient. The updated FY/CY26 EPS estimates indicate a more attractive valuation, with a reset base of $10 earnings potential."

Morgan Stanley (Equalweight, PT: $114): "Micron’s EPS guidance reached pre-revision consensus, with data center strength highlighted. However, despite management executing well, the stock appears 'expensive,' and the market forecast seems overly high."