Micron Technology Posts 2Q Beat: Memory Cyclical Debate Continues, Signs Of Recovery Will Strengthen, Analysts Say
1. Micron's shares dropped 6.98% despite positive quarterly results. 2. Analysts maintain Buy ratings but lower price targets significantly. 3. Fiscal Q2 revenues were $8.05 billion, up 38% YoY, but down 8% sequentially. 4. NAND pricing weakness drags gross margins to 37.9%; guidance suggests further contraction. 5. Strong growth in HBM revenue projected, raising TAM to $35 billion.