It was a busy day in the US today, with investors waiting on the latest policy decision from the Federal Reserve.

The Fed left interest rates unchanged at 5.5%, as expected. All three major Indices, Dow Jones, S&P 500, and Nasdaq finished the trading day at all-time highs for the first time since 8/11/2021.

After the market closing bell, Micron Technology Inc. (NASDAQ: MU) released Q2 of fiscal 2024 financial results and the US semiconductor company did not disappoint.

The company reported revenue of $5.824 billion, which was above analyst estimate of $5.347 billion.

Earnings per share was reported at $0.42. Analyst expected Micron to report a loss per share of -$0.253.

Company overview

• Founded: October 5, 1978
• Headquarters: Boise, Idaho, United States
• Number of employees: 43,000 (2023)
• Industry: Semiconductors
• Key people: Robert E. Switz (Chairman), Sanjay Mehrotra (President & CEO)

CEO commentary

“Micron delivered fiscal Q2 results with revenue, gross margin and EPS well above the high-end of our guidance range — a testament to our team’s excellent execution on pricing, products and operations,” Sanjay Mehrotra, CEO of Micron said in a statement.

“Our preeminent product portfolio positions us well to deliver a strong fiscal second half of 2024. We believe Micron is one of the biggest beneficiaries in the semiconductor industry of the multi-year opportunity enabled by AI,” Mehrotra added.

Stock reaction

Shares were up by 2.39% at the end of the session on Wednesday at $96.25 a share.

The stock rose by over 14% in the after-hours trading as earnings topped expectations.

Stock performance

• 5 day: +2.22%
• 1 month: +18.11%
• 3 months: +22.32%
• Year-to-date: +12.78%
• 1 year: +65.46%

Micron stock price targets

• New Street Research: $100
• Wolfe Research: $80
• BMO Capital Markets: $90
• Susquehanna: $112
• Evercore ISI: $100
• Wells Fargo & Company: $95
• The Goldman Sachs Group: $97
• Deutsche Bank: $90
• JP Morgan Chase & Co.: $105
• Morgan Stanley: $74.75
• Bank of America: $100
• Needham & Company LLC: $100
• Piper Sandler: $95
• Raymond James: $100
• Mizuho: $105

Micron Technology Inc. is the 142nd largest company in the world with a market cap of $106.25 billion, according to CompaniesMarketCap.

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Sources: Micron Technology Inc., TradingView, MarketWatch, MarketBeat, CompaniesMarketCap