Micron Technology Inc (NASDAQ:MU) shares are in the spotlight Wednesday ahead of earnings. Here's what you need to know before the report.

What To Know: Micron is set to report financial results for the third quarter after the bell on Wednesday. Analysts are anticipating earnings of 49 cents per share on quarterly revenue of $6.634 billion, according to estimates from Benzinga Pro.

Analyst revisions have been positive for Micron in recent weeks. Last week, Wedbush maintained an Outperform rating on Micron and raised the price target from $130 to $170, anticipating a beat-and-raise quarter.

Several other analysts lifted price targets on the stock this week. Baird raised its price target from $150 to $172, Citigroup lifted its price target from $150 to $175 and Morgan Stanley raised its price target from $130 to $140. Rosenblatt also maintained a price target of $225 a day ahead of earnings.

Last quarter, Micron delivered revenue of $5.82 billion, ahead of estimates of $5.342 billion. The company also turned in adjusted earnings of 42 cents per share versus estimates for a loss of 25 cents per share.

Micron guided for third-quarter revenue of $6.4 billion to $6.8 billion and forecasted adjusted earnings in the range of 38 cents to 52 cents per share.

"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," CEO Sanjay Mehrotra said at the time.

Micron has exceeded analyst estimates on the top and bottom lines in four consecutive quarters heading into Wednesday's print, per Benzinga Pro data.

MU Price Action: Micron shares were up 1.24% at $142.88 at the time of publication, according to Benzinga Pro.

Photo: courtesy of Micron.