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Looking for a bright spot Tuesday morning? Look no further than Micron (MU) - Get Micron Technology, Inc. (MU) Report , shares of which are up 6.3%.

While the S&P 500, Nasdaq and Dow added to Monday's incredible losses at the open before reversing higher, there were but a few names in positive territory in premarket trading. Skyworks Solutions  (SWKS) - Get Skyworks Solutions, Inc. Report is one of them, thanks to a top and bottom line earnings beat. Same with General Motors Company (GM) - Get General Motors Company (GM) Report . Micron, though, is higher thanks to raising its guidance.

After the close Monday, management upped its second-quarter revenue guidance to $7.2 billion to $7.35 billion, from its prior range of $6.8 billion to $7.2 billion. Consensus estimates were calling for $7.02 billion, so this is far better than expected.

But it gets better.

Management also upped its earnings per-share guidance range to between $2.70 and $2.75, from a prior range of $2.51 to $2.65. Wall Street was looking for $2.57.

The company also added some clarity to the C-suite, appointing David Zinsner from senior vice president to chief financial officer. The move is effective Feb. 19.

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Despite the carnage we've seen on Wall Street, analysts have had time to digest Micron's news. Needham analyst Rajvindra Gill upgraded Micron stock to strong buy from buy and slapped a $76 price target on the stock. That implies more than 80% upside from current levels. Gill argues that demand for NAND remains robust.

Others chimed in as well. Stifel analysts bumped their price target even further, going from $75 to $85, implying almost 85% upside.

Citi and KeyBanc analysts were less zealous, although still bullish. Both outfits have a buy-equivalent rating, but with price targets of "just" $55 and $53, respectively. This represents upside of 15% to 19.5% from current levels.

Still, if 15% is the worst case from Tuesday's analyst reaction, Micron stock seems to be doing OK.

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This article is commentary by an independent contributor. At the time of publication, the author had no positions in the stocks mentioned.