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Micron’s Outlook Misses the Mark, but the Stock Is a Buy, Says Raymond James

Everyone is reeling from the global economic downturn, and it looks like Micron (MU) is feeling the pinch too. The memory giant delivered a solid FQ3 report but disappointed on the outlook, which came in way below expectations. For the quarter, revenue rose by 16% year-over-year to $8.64 billion, in-line with Wall Street’s forecast while adj. EPS of $2.59 beat the $2.44 consensus estimate. However, for FQ4 (August quarter,) revenue is expected to reach $7.2 billion, give or take $400 million, am