Micron Technology Given New $19.00 Price Target at MKM Partners (MU)
Equities researchers at MKM Partners lifted their price target on shares of Micron Technology (NYSE:MU) from $16.00 to $19.00 in a research report issued on Friday, ARN reports. The firm currently has a “neutral” rating on the stock. MKM Partners’ price objective would suggest a potential upside of 3.09% from the company’s current price.
A number of other firms have also recently commented on MU. Analysts at Jefferies Group raised their price target on shares of Micron Technology to $30.00 in a research note to investors on Friday. They now have a “buy” rating on the stock. Separately, analysts at Stifel Nicolaus reiterated a “buy” rating on shares of Micron Technology in a research note to investors on Friday. They now have a $26.00 price target on the stock, up previously from $24.00. Finally, analysts at Wells Fargo & Co. downgraded shares of Micron Technology from a “market perform” rating to an “underperform” rating in a research note to investors on Friday. They now have a $14.00 price target on the stock, down previously from $17.00. They noted that the move was a valuation call. Two analysts have rated the stock with a sell rating, fifteen have assigned a hold rating, fourteen have given a buy rating and one has given a strong buy rating to the company’s stock. The company presently has a consensus rating of “Hold” and a consensus price target of $17.71.
Shares of Micron Technology (NYSE:MU) traded down 5.32% during mid-day trading on Friday, hitting $17.45. 48,170,940 shares of the company’s stock traded hands. Micron Technology has a one year low of $5.16 and a one year high of $18.85. The stock has a 50-day moving average of $16.23 and a 200-day moving average of $13.01. The company’s market cap is $18.121 billion.
Micron Technology (NYSE:MU) last released its earnings data on Thursday, October 10th. The company reported $1.51 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.24 by $1.27. The company had revenue of $2.84 billion for the quarter, compared to the consensus estimate of $2.70 billion. During the same quarter in the previous year, the company posted ($0.24) earnings per share. The company’s revenue for the quarter was up 44.8% on a year-over-year basis. Analysts expect that Micron Technology will post $-0.24 EPS for the current fiscal year.
In other Micron Technology news, VP Scott Deboer sold 26,750 shares of the stock in a transaction that occurred on Monday, October 7th. The shares were sold at an average price of $18.60, for a total value of $497,550.00. Following the sale, the vice president now directly owns 256,218 shares in the company, valued at approximately $4,765,655. The sale was disclosed in a legal filing with the SEC, which is available at this link.
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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