Micron Technology fell sharply on Wall Street on Tuesday, as the market failed to be impressed by the target increase announced this morning by the American group.

At around 11:00 a.m. (New York time), the stock of the memory and storage chip manufacturer dropped more than 4%, one of the biggest declines on the S&P 500, even though the stock is still up nearly 50% this year.

The Boise, Idaho-based group announced this morning an upward revision of its forecasts for the fourth fiscal year, ending November 30, due to an improvement in its supply chain, demand and prices.

Micron now expects quarterly sales of around $4.7 billion, within 200 million, compared with a previous estimate of around $4.4 billion.

Gross margin excluding non-recurring items (non-GAAP) is expected to come in at around breakeven, within two percentage points, compared with a previous negative estimate of -4%.

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