economy
Micron quadruples year-to-date. Wall Street mostly thinks Wednesday's earnings will live up to the hype
Several Wall Street firms are considerably above consensus estimates.
TL;DR
- Micron's stock price has surged over 300% year-to-date, reaching a new all-time high.
- A global shortage of memory chips is the primary driver for Micron's stock performance.
- Wall Street analysts anticipate strong quarterly earnings, with some "whisper numbers" exceeding consensus estimates.
- Artificial intelligence 'inference' is identified as a significant and ongoing driver of demand for Micron's chips.
- Several financial institutions, including Needham, Bernstein, and Morgan Stanley, have raised their price targets for Micron stock.
- Morgan Stanley acknowledges potential risks but believes memory shortages will likely overshadow them.
- Goldman Sachs, while also expecting strong earnings, emphasizes the need for more disclosure on customer deals and pricing guarantees.