JPMorgan has high expectations for chip giant Micron Technology when it reports earnings next week, during an otherwise quiet period on Wall Street. “We expect revenue, gross margin, and EPS to exceed consensus expectations,” the Wall Street firm said in a note to clients Friday. “This is driven by sustained momentum in high-bandwidth memory (HBM) demand trends, along with upside in consumer applications.” The summer doldrums are setting in, and traders don’t have much to focus on except for Micron earnings Wednesday after the bell. The chip stock has outperformed the broader market significantly this year, up more than 44%. MU YTD mountain Micron Technology JPMorgan reiterated its overweight rating on the chipmaker and its $135 12-month price target would translate into a nearly 11% gain from $121.82 at its Wednesday’s close. “Overall, we believe the fundamental setup remains favorable in the near term, though we remain somewhat cautious on potential tariff-related weakness/demand pull-forward headwinds in the second half of the year, which we believe could slightly mute (but not prevent) overall Q/Q ASP [quarter over quarter average selling price] improvements/bit shipments,” JPMorgan said.
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