Sandisk, Western Digital and others soar as Micron results 'justify elevated valuations'

Yahoo Finance ·

Micron (MU) reported third quarter results on Wednesday after the closing bell. Adjusted earnings per share (EPS) came in at $25.11 (compared to analyst estimates of $20.49), and revenue came in at $41.46 billion (compared to analyst estimates of $35.69 billion). CFRA Research senior vice president and equity analyst Angelo Zino chats with Yahoo Finance about the results.

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Micron (MU) reported Q3 results with EPS $25.11 and revenue $41.46B, meaningfully above consensus. As CFRA noted, the results reaffirm memory demand and price strength, which help justify the high valuations of storage and memory names such as Sandisk and Western Digital. Investors expect a sector re-rating driven by a recovery in memory, NAND and DRAM conditions and increased semiconductor equipment orders. On the other hand, rising memory prices could increase cost burdens for smartphone and PC OEMs and for cloud operators.

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