Micron Technology Inc

MU: XNAS (USA)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	$915.00	Qwkbx	Pmgmdkcq

Micron Earnings: Great Guidance Appears to Reassure the Market, and Shares Now Look Fairly Valued

William Kerwin

Sep 26, 2024

We maintain our $110 fair value estimate for shares of no-moat Micron Technology as we hold our medium-term forecast steady even after tremendous August quarter results. Micron’s quarterly results came in at or above the high end of its guidance ranges, and its November quarter guidance beat our model. The firm benefits from a broad and strong upcycle in memory chip demand, aided by AI-related demand. We believe this upswing should continue through calendar 2025. Still, we expect growth to decelerate through 2025 and forecast cyclicality for Micron in the long term, which informs our no-moat rating.

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