Micron is back in Wall Street’s good graces. Investors should use the opportunity to reconsider how to value the memory-chip maker even when it isn’t.
Shares in Micron surged 9% Tuesday morning after the company’s fiscal first-quarter results. Revenue rose 33% year over year to about $7.7 billion, coming in slightly ahead of the company’s prior projection. But the real surprise was in Micron’s forecast for $7.5 billion in revenue for the quarter ending in February, which was about 3% ahead of Wall Street’s consensus for a period in which many analysts worried the chipmaker would still be constrained by component shortages and weakness in memory pricing.
