UPDATE—Sept. 25, 2024: This article has been updated to reflect more recent analyst estimates and share price information.

Micron Technology (MU) will report fiscal fourth-quarter earnings after the bell Wednesday, with analysts expecting the memory chip maker and Nvidia (NVDA) partner to swing to a profit.

The Street expects the company to report net income of $1 billion for the quarter, compared to a loss of $1.43 billion a year earlier. Rev🦩enue is projected to nearly double to $7.65 billion, according to estimates compiled by Visible Alpha.  

Key Metric: Inventory

Micron has grappled with growing inventories, and Citi analysts recently lowered their price target for the stock to $150 from $175, citing its high inventory and weakness in demand for legacy memory components.

However, the analysts said inventory buildup could ease by the end of the year, adding they "expect Micron’s revenue and gross margins to increase for the next several quarters."

The analyst consensus for Micron’s fiscal fir🧜st quarter of 2025ജ is revenue of $8.4 billion and EPS of $1.45, according to Visible Alpha.

Business Spotlight: Demand Signals

Morgan Stanley analysts also 澳洲幸运5官方开奖结果体彩网:lowered their price target for Micron to $100 from $140 ahead of the company's earnings report, pointing to high inventories and signs of "persistently weak demand across all end markets except AI."

Micron could see demand improve next year, the analysts said, fueled by "an AI-driven upgrade cycle for edge devices, continued strength in datacenters, and the potential for a traditional server refresh."

Micron shares were little changed in pre-market trading Wednesday, ahead of the company's earnings report, and have gained about 10% since the start of the year.