Micron Technology Inc ( MU ). on Wednesday reported better-than-expected financial results for the second quarter of fiscal 2026.

Micron posted second-quarter revenue of $23.86 billion, well above analyst estimates of $19.94 billion, according to Benzinga Pro. The semiconductor company reported adjusted earnings of $12.20 per share for the quarter, easily exceeding analyst estimates of $9.21 per share.

The company also announced that it expects fiscal 2026 capital expenditure to be above $25 billion.

"Micron set new records across revenue, gross margin, EPS and free cash flow in fiscal Q2, driven by a strong demand environment, tight industry supply and our strong execution, and we expect significant records again in fiscal Q3," said Sanjay Mehrotra, chairman, president and CEO of Micron.

Micron sees third-quarter revenue of $33.5 billion, plus or minus $750 million, versus estimates of $23.8 billion. The company anticipates third-quarter adjusted earnings of $19.15 per share, plus or minus 40 cents, versus estimates of $11.70 per share.

Micron shares fell 6.3% to $432.50 in pre-market trading.

These analysts made changes to their price targets on Micron following earnings announcement.

Deutsche Bank analyst Melissa Weathers maintained Micron with a Buy and raised the price target from $500 to $550.

Rosenblatt analyst Kevin Cassidy maintained the stock with a Buy and raised the price target from $500 to $600.

Needham analyst N. Quinn Bolton maintained Micron with a Buy and raised the price target from $450 to $500.

Cantor Fitzgerald analyst C.J. Muse maintained the stock with an Overweight rating and raised the price target from $450 to $700.

Considering buying MU stock? Here’s what analysts think:

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