12:35 PM EDT, 03/12/2024 (MT Newswires) -- Micron Technology ( MU ) "likely outperformed its initial guidance" for fiscal Q2, Wedbush Securities said in a note Tuesday.

"Our numbers lift modestly for the [February] quarter as we tweak both our DRAM and NAND pricing estimates higher," the firm said.

Wedbush said that its conversations in February suggested that contract pricing for DRAM and NAND could again post double-digit increases.

The firm improved its fiscal Q2 EPS estimate for Micron to a per-share loss of $0.21 from a loss of $0.28 and increased its revenue forecast to $5.36 billion from $5.30 billion.

Wedbush lifted its price target to $103 from $95 and maintained its outperform rating on Micron, which is set to release fiscal Q2 results after markets close on March 20.

Micron shares were up 1.1% in recent trading.

Price: 95.51, Change: +0.99, Percent Change: +1.05