1002 GMT - Micron Technology's decisive beat-and-raise earnings print suggest the company has a strong, multiyear earnings narrative, J.P. Morgan analysts write. The chip maker guided for revenue in the next quarter of $61.5 billion--ahead of consensus estimates of $56.6 billion. Micron will be able to maintain wide margins, as supply tightness in memory chips continues through 2028 at a minimum, they say. Micron's management signaled a willingness to initiate a stock repurchase program, according to JPM. "The capital return story in our view represents a substantial multiyear value-unlock lever," the analysts say. Micron shares fall 0.25% premarket.
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