Micron (NYSE:MU), a manufacturer of memory chips, is set to release its first-quarter earnings today after market close. In the previous quarter, the company met revenue expectations, posting revenues of $8.71 billion, an 84.3% increase from the previous year, showing notable improvement in inventory levels.

As analysts anticipate the upcoming earnings report, they expect Micron's revenue to grow by 35.7% year-on-year to $7.9 billion for this quarter, which is a slowdown compared to the 57.7% growth from the same quarter last year. The projected adjusted earnings per share are $1.42.

Analysts' estimates for Micron have remained stable over the past month, indicating confidence in the company's performance leading up to the earnings release. Despite missing revenue estimates from Wall Street three times in the last two years, the market outlook remains optimistic.

Being the first in its industry to report earnings this season, Micron's performance may offer insights into broader semiconductor trends. The semiconductor sector has experienced diminished investor confidence recently, with Micron's peers declining by an average of 10.7% over the past month. Micron itself has seen a 1.6% decrease, with an average analyst price target of $129.66, contrasting with the present share price of $102.73.

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