投资评级 - 报告对美光科技的投资评级为"买入"，目标价为118美元 [2][23][25] 核心观点 - 报告看好美光科技在2HFY25的HBM放量和传统DRAM业务恢复带来的超预期机会，预计2HFY25实际收入表现有望超出市场预期 [8][25] - 报告认为当前股价已充分反映了2QFY25收入和毛利率指引低于市场预期的影响，尤其是NAND收入和利润疲软对FY25业绩的影响 [8][12] - 报告预计随着HBM和数据中心收入占比提升，结合2HFY25消费和PC需求边际改善，公司收入有望超出市场预期 [8][25] 盈利预测 - 报告下调了美光科技2025-2027财年的收入预测，分别下调约8%/2%/5% [11] - 报告下调了2025-2027财年的EPS预测，分别为7.05/11.27/10.03美元，较原值分别下调16%/8%/8% [5][14] - 报告预计2QFY25期间NAND位元出货量和DRAM位元出货量分别环比下降25%和7%，NAND价格环比下跌6%，但传统DRAM价格有望环比低单位数上涨 [11] 业务分析 - 报告指出NAND业务疲软已反映至股价，预计NAND价格下行将持续使公司毛利率承压，但HBM收入占比提升有望抵消部分压力 [13][22] - 报告预计DRAM出货量和价格有望在3QFY25企稳，主要受益于下游PC和手机客户补库存，以及HBM和数据中心客户下达订单 [11][12] - 报告提到美光科技已为第二家HBM客户大规模出货，并有望在1Q25期间为第三家HBM客户出货，HBM4出货量将在2026年显著爬坡 [12][25] 财务数据 - 报告预计美光科技2025-2027财年营业收入分别为35564/43960/43089百万美元，同比增长42%/24%/-2% [15][28] - 报告预计2025-2027财年净利润分别为7915/12643/11255百万美元，同比增长917%/60%/-11% [15][28] - 报告预计2025-2027财年毛利率分别为38.9%/45.5%/42.1% [15][28] 估值分析 - 报告采用SOTP法对美光科技进行估值，基于10倍2026财年市盈率对DRAM业务估值为1195.28亿美元，基于5.0倍2026财年市盈率对NAND业务估值为33.69亿美元，加上净现金57.37亿美元，公司总估值为1286.65亿美元 [25][43]

Micron Technology showed strength in the artificial intelligence market but weakness in the consumer space.In today's video, I discuss recent updates affecting Micron Technology (MU 3.48%). To learn more, check out the short video, consider subscribing, and click the special offer link below.*Stock prices used were the pre-market prices of Dec. 19, 2024. The video was published on Dec. 19, 2024. ...

I am a full-time analyst interested in a wide range of stocks. With my unique insights and knowledge, I hope to provide other investors with a contrasting view of my portfolio, given my particular background.If you have any questions, feel free to reach out to me via a direct message on Seeking Alpha or leave a comment on one of my articles.Analyst’s Disclosure: I/we have a beneficial long position in the shares of MU, NVDA either through stock ownership, options, or other derivatives. I wrote this article ...

Memory chip manufacturer Micron (MU 3.48%) threw investors for a loop on Thursday with a quarterly report that featured an outlook that wasn't even in the ballpark of Wall Street's expectations.In the first quarter of its fiscal 2025, Micron's performance was solid, buoyed by soaring demand for high-bandwidth memory (HBM), which is critical for AI accelerators. However, the companies that buy its PC and mobile memory chips now have too much inventory on hand and are pulling back. Micron's guidance for the f ...

The semiconductor industry is the beating heart of the artificial intelligence (AI) revolution. Most investors are focused on Nvidia (NVDA 3.08%) -- and rightly so, because it makes the best data center chips for developing AI -- but it isn't the only semiconductor company cashing in on this technology boom.Micron Technology (MU 3.48%) is a leading supplier of memory and storage chips, which have become important components of the AI hardware story. As a result, the company's data center revenue is soaring ...

About this content About Angela Harmantas Angela Harmantas is an Editor at Proactive. She has over 15 years of experience covering the equity markets in North America, with a particular focus on junior resource stocks. Angela has reported from numerous countries around the world, including Canada, the US, Australia, Brazil, Ghana, and South Africa for leading trade publications. Previously, she worked in investor relations and led the foreign direct investment program in Canada for the Swedish government ...

Bashar is a contributing writer at Seeking Alpha, focusing on Long/Short investment ideas, with a geographic focus in North America. Before that, Bashar worked at an Investment Fund in the United Kingdom. He has a Master's degree in Finance from the Queen Mary University of London and a Bachelor's degree in Economics from Middlesex University.Analyst’s Disclosure: I/we have no stock, option or similar derivative position in any of the companies mentioned, and no plans to initiate any such positions within t ...

Micron Technology (NASDAQ: MU ) stock cratered after hours despite reporting record Q1 revenue and 400% YoY growth in data center sales. The market was much more focused on the fiscal Q2 guidance that significantly lagged analystRetail investor researching mostly semiconductors and fintech. Some general macro musings. My goal is to bring you timely and digestible research on the stocks that I cover.Analyst’s Disclosure: I/we have a beneficial long position in the shares of MU either through stock ownership, ...

Tired of losing money? Our Tech Contrarians team of Wall Street analysts sifts through the noise in the tech industry and captures outperformers through a coveted research process. We let the work speak for itself here .Analyst’s Disclosure: I/we have no stock, option or similar derivative position in any of the companies mentioned, and no plans to initiate any such positions within the next 72 hours. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (othe ...

Micron Technology (NASDAQ: MU) experienced a sharp 16% plunge on December 19, marking its worst trading day since March 2020. The sell-off followed the release of disappointing guidance for its fiscal second quarter, which fell significantly below Wall Street expectations, overshadowing its otherwise robust first-quarter results of fiscal 2025.Micron one-day price chart. Source: Google FinanceThe stock closed at $87.09, down nearly 45% from its all-time high in June, as concerns mounted over weaker demand f ...