Did Micron's Market Cap Surpass That Of Tesla’s And Meta’s Today? A Blowout Q3 Report Holds The Answers

• Around the same time, Tesla’s market capitalization was just above $1.40 trillion, while Meta’s was roughly $1.38 trillion.
• Micron reported revenue of $41.46 billion, well above analysts’ expectations of $35.3 billion, according to Fiscal.ai data.
• Deutsche Bank described the quarter as ‘stunning,’ adding that the earnings report ‘cleared a high bar, both financially and strategically.’

Micron Technology’s (MU) market capitalization briefly climbed above Tesla’s (TSLA) and Meta Platform’s (META) on Thursday, after a blowout third-quarter earnings report lifted the stock to an all-time high.

MU stock climbed as high as $1,255 at 09:35 ET before paring some of the gains. According to Koyfin data, Micron has roughly 1.13 billion outstanding shares, implying a market capitalization of roughly $1.418 trillion. Around the same time, Tesla’s market capitalization was $1.403 trillion, while Meta’s was roughly $1.384 trillion.

MU’s Q3 Rips Past Street Estimates

The rally followed a standout third-quarter (Q3) performance. Micron reported revenue of $41.46 billion, up 346% from a year earlier and well above analysts’ expectations of $35.3 billion, according to Fiscal.ai data. Earnings came in at $25.11 per share, comfortably beating the consensus estimate of $20.28 per share.

For the fourth quarter (Q4), Micron expects revenue of $50 billion and diluted earnings per share of $31, plus or minus $1. Both figures surpassed Street estimates.

MU’s ‘Stunning’ Quarter Sees Wall Street Raise Forecast

The stellar results sparked a fresh wave of optimism on Wall Street, prompting several analysts to raise their price targets and reiterate bullish views on the stock.

DA Davidson increased its price target to $2,000 from $1,500 while maintaining a ‘Buy’ rating, according to The Fly. This represents an over 60% upside potential from current levels. The firm said Micron now enjoys some of the strongest visibility in the semiconductor industry, marking a sharp shift from its historically cyclical business. It added that the company’s latest earnings beat and positive outlook suggest “the memory cycle is far from over.”

Deutsche Bank also reiterated a ‘Buy’ rating and raised the price target to $1,550 from $1,500. Analyst Melissa Weathers described the quarter as “stunning,” adding that the earnings report “cleared a high bar, both financially and strategically.” 

Weathers said favorable pricing dynamics helped drive revenue and margins to “extraordinary levels,” prompting the brokerage to raise its forecasts for the company.

MU Bulls See $2 Trillion Company

Retail sentiment on Stocktwits turned ‘extremely bullish’ from ‘bullish’ a day earlier, amid ‘extremely high’ message volumes. At the time of writing, MU was the top trending ticker on the platform.

One user said the company’s market cap could reach $2 trillion.

The stock has gained more than 267% so far this year.

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