Overview
- Shares trade around $665 near all-time highs after a post-earnings surge and a five-day winning streak.
- FQ2 results topped expectations with $3.03 billion in revenue, $803 million in GAAP net income, and $6.20 non-GAAP EPS, including $440 million from data centers as AI deployments accelerated.
- Management projected FQ3 revenue of $4.4–$4.8 billion, non-GAAP EPS of $12–$14, and gross margin of 64.9%–66.9%, well ahead of prior consensus.
- Analysts raised targets sharply: Bernstein to $1,000 with Outperform, Bank of America to $850 with Buy, and Barclays to $750 with Equal Weight, citing stronger pricing and margin trajectories.
- Coverage ties the re-rating to tight NAND supply and AI-driven storage demand, while Forbes highlights valuation concerns and the sector’s cyclicality following the Western Digital spin-off.