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Micron Technology Inc MU

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Micron Calls for Strong 2022, Though December Quarter Guidance Looks Light; Maintain $90 FVE

Abhinav Davuluri, CFA Sector Strategist

Analyst Note

| Abhinav Davuluri, CFA |

Micron reported strong fiscal fourth-quarter results, with revenue at the high end of guidance. CEO Sanjay Mehrotra was optimistic that the memory industry would once again exhibit solid growth in calendar 2022, thanks to increasing data center server deployments, 5G mobile shipments, and ongoing strength in automotive and industrial markets. That said, management’s revenue guidance for its fiscal first quarter was below our expectations, which Mehrotra attributed to stronger-than-expected levels in the fiscal fourth quarter and softer memory demand from the PC market that is grappling with shortages of non-memory components needed to complete PC builds. We expect the industry shortages to alleviate sometime in the upcoming quarters, but memory demand should remain robust into 2022 as chip customers are likely to raise their normalized inventory levels.

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Company Profile

Business Description

Micron historically focused on designing and manufacturing DRAM for PCs and servers. The firm then expanded into the NAND flash memory market. It increased its DRAM scale with the purchase of Elpida (completed in mid-2013) and Inotera (completed in December 2016). The firm's DRAM and NAND products tailored to PCs, data centers, smartphones, game consoles, automotives, and other computing devices.

8000 South Federal Way, Post Office Box 6
Boise, ID, 83716-9632
T +1 208 368-4000
Sector Technology
Industry Semiconductors
Most Recent Earnings Aug 31, 2021
Fiscal Year End Sep 2, 2022
Stock Type Cyclical
Employees 43,000