Micron technology (UM) is expected to report its first-quarter fiscal 2025 results after the market close on Wednesday, with analysts extremely bullish on the chipmaker’s shares.

All but one of the analysts who follow the company and are tracked by Visible Alpha have a “buy” or equivalent rating for Micron, with a consensus price target of around $142, a premium of nearly 40% per share. compared to Friday’s closing price of $102.50.

Wall Street expects Micron to report revenue of $8.72 billion, up 84% year-over-year, and as the company moves to a profit of $1.84 billion or $1.58 per share, compared to a loss of $1.23 billion or $1.12 per share a year earlier.

Results follow $6 billion federal grant

The results come about a week after Micron was received a federal grant of up to $6.165 billion to achieve semiconductors in the United States under the CHIPS and Science Act of 2022.

The Commerce Department said the money would support Micron’s “two-decade vision” of investing about $100 billion in New York state and $25 billion in Idaho for new factories that will create approximately 20,000 jobs.

Micron shares rose more than 4% on Friday and have gained about 20% year to date.