Micron Technology Lowered to “Sector Perform” at Credit Suisse (MU)
Micron Technology (NYSE:MU) was downgraded by Credit Suisse from a “buy” rating to a “sector perform” rating in a research note issued on Friday, AnalystRatings.Net reports. They currently have a $26.00 target price on the stock, up from their previous target price of $19.00. Credit Suisse’s price objective would indicate a potential upside of 20.04% from the company’s current price. The analysts noted that the move was a valuation call.
Micron Technology (NYSE:MU) opened at 21.66 on Friday. Micron Technology has a 52-week low of $6.85 and a 52-week high of $23.67. The stock’s 50-day moving average is $21.33 and its 200-day moving average is $16.77. The company has a market cap of $22.783 billion and a P/E ratio of 19.17.
Micron Technology (NYSE:MU) last announced its earnings results 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 prior year, the company posted ($0.24) earnings per share. The company’s quarterly revenue was up 44.8% on a year-over-year basis. On average, analysts predict that Micron Technology will post $2.09 earnings per share for the current fiscal year.
A number of other analysts have also recently weighed in on MU. Analysts at RBC Capital downgraded shares of Micron Technology from an “outperform” rating to a “sector perform” rating in a research note to investors on Friday. They now have a $19.00 price target on the stock. Separately, analysts at ING Group downgraded shares of Micron Technology from a “neutral” rating to an “underperform” rating in a research note to investors on Monday, December 23rd. They now have a $21.22 price target on the stock, up previously from $1.00. Finally, analysts at Merrill Lynch downgraded shares of Micron Technology from a “neutral” rating to an “underperform” rating in a research note to investors on Monday, December 23rd. They now have a $19.50 price target on the stock, down previously from $20.50. Five research analysts have rated the stock with a sell rating, fifteen have assigned a hold rating, thirteen have given a buy rating and one has assigned a strong buy rating to the company’s stock. The stock presently has a consensus rating of “Hold” and a consensus price target of $21.06.
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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