Micron Technology Price Target Raised to $24.00 at Stifel Nicolaus (MU)
Investment analysts at Stifel Nicolaus increased their price target on shares of Micron Technology (NYSE:MU) from $20.00 to $24.00 in a note issued to investors on Friday, StockRatingsNetwork reports. The firm currently has a “buy” rating on the stock. Stifel Nicolaus’ price target points to a potential upside of 37.38% from the company’s current price.
The analysts wrote, “This week we hosted investor meetings with Micron’s VP of Investor Relations, Mr. Kipp Bedard. In our view, there was a significant change in the nature of the meetings. While most conversations during our previously hosted Micron management meetings over the past several years had been focused on tactical issues such as the memory cycle, average selling prices and cost reductions, this week’s conversations were strategic in nature mainly focused on the structural changes to the memory industry. Meeting seemed to conclude with the thought that similar to other industries following consolidation, the memory market may become rational and profitable. We continue recommending MU shares as we do not believe this view is fully priced into the share price.”
Shares of Micron Technology (NYSE:MU) traded up 1.63% on Friday, hitting $17.755. 7,458,854 shares of the company’s stock traded hands. Micron Technology has a 52-week low of $5.16 and a 52-week high of $17.59. The stock has a 50-day moving average of $15.12 and a 200-day moving average of $12.40. The company’s market cap is $18.438 billion. Micron Technology also was the recipient of some unusual options trading activity on Tuesday. Investors purchased 49,237 put options on the stock. This represents an increase of 120% compared to the average daily volume of 22,397 put options.
Several other analysts have also recently commented on the stock. Analysts at TheStreet reiterated a “hold” rating on shares of Micron Technology (NYSE:MU) in a research note to investors on Thursday. Separately, analysts at Sterne Agee reiterated a “buy” rating on shares of Micron Technology (NYSE:MU) in a research note to investors on Thursday. They now have a $19.00 price target on the stock. Finally, analysts at Jefferies Group raised their price target on shares of Micron Technology (NYSE:MU) from $21.00 to $25.00 in a research note to investors on Thursday. They now have a “buy” rating on the stock. One investment analyst has rated the stock with a sell rating, sixteen have issued a hold rating, fifteen have given a buy rating and one has assigned a strong buy rating to the company. The stock has a consensus rating of “Hold” and a consensus price target of $16.15.
Micron Technology, Inc, is a global manufacturer and marketer of semiconductor devices, principally NAND Flash, DRAM and NOR Flash memory, as well as other memory technologies, packaging solutions and semiconductor systems for use in computing, consumer, networking, automotive, industrial, embedded and mobile products.
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