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Earlier this week, Citi said that it expects the company to post "decent results but guide below consensus, driven by worse consumer mix and NAND underutilization charges.”
Shares of Micron Technology (MU) edged lower by 0.4% in afternoon trade on Wednesday, ahead of the company’s second-quarter earnings, scheduled for after the bell on March 20.
According to Koyfin data, Wall Street expects the company to report earnings of $1.43 on revenue of $7.9 billion.
While analysts expect the company to hit its targets, they are concerned that it may issue weak guidance.
Earlier this week, Citi said that it expects the company to post "decent results but guide below consensus, driven by worse consumer mix and NAND underutilization charges.”
Others, like Wells Fargo and Wolfe Research, have lowered their price targets on Micron’s stock, also citing expectations of a tempered outlook for the third quarter (Q3).
On Stocktwits, retail chatter around Micron’s stock remained in ‘neutral’ territory even as chatter increased to ‘high’ from ‘normal’ levels a day ago.
One user said that while Micron consistently delivers on its quarterly estimates, guidance is always weaker than expected.
Another user also forecast that Micron’s share price movement after earnings will depend mainly on guidance.
Micron’s shares have gained nearly 20% this year.
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