Micron Technology’s Equal Weight Rating Reaffirmed at Morgan Stanley (MU)
Micron Technology (NYSE:MU)‘s stock had its “equal weight” rating reiterated by investment analysts at Morgan Stanley in a note issued to investors on Wednesday, AnalystRatingsNetwork reports.
The analysts wrote, “Primary variance from our model was DRAM bit growth well above our estimates (69% vs. 45% guidance), as organic growth at Elpida+MU appeared to be about 20% sequentially,” the report said. “This had some impact on other line items (prices lower than our ests due to upside from PC/mobile mix, but better cost improvements with more bits vs. fixed costs). Opex also substantially lower, which was $0.03 of upside vs. our model. We expect earnings to peak in the February quarter (though forecasting memory is an inexact science), with still solid earnings in 2h14. Operating margins in Feb of 23% are similar to what MU has typically seen at cycle peaks, similar to peers, and we continue to be cautious about paying a high multiple for peak earnings.”
A number of other firms have also recently commented on MU. Analysts at Stifel Nicolaus raised their price target on shares of Micron Technology from $26.00 to $31.00 in a research note to investors on Wednesday. They now have a “buy” rating on the stock. Separately, analysts at Needham & Company raised their price target on shares of Micron Technology from $30.00 to $34.00 in a research note to investors on Wednesday. They now have a “buy” rating on the stock. Finally, analysts at Sanford C. Bernstein raised their price target on shares of Micron Technology from $24.00 to $30.00 in a research note to investors on Tuesday. Five research analysts have rated the stock with a sell rating, fifteen have assigned a hold rating, eleven have given a buy rating and one has assigned a strong buy rating to the stock. Micron Technology currently has an average rating of “Hold” and a consensus target price of $22.04.
Shares of Micron Technology (NYSE:MU) traded up 10.86% on Wednesday, hitting $24.09. The stock had a trading volume of 44,721,028 shares. Micron Technology has a 52-week low of $7.24 and a 52-week high of $23.67. The stock’s 50-day moving average is $21.50 and its 200-day moving average is $16.98. The company has a market cap of $25.339 billion and a price-to-earnings ratio of 19.23. Micron Technology also was the recipient of unusually large options trading on Monday. Investors bought 226,269 call options on the company. This represents an increase of 141% compared to the typical volume of 93,870 call options.
Micron Technology (NYSE:MU) last posted its quarterly earnings results on Tuesday, January 7th. The company reported $0.30 earnings per share for the quarter, missing the analysts’ consensus estimate of $0.44 by $0.14. The company had revenue of $4.04 billion for the quarter, compared to the consensus estimate of $3.72 billion. During the same quarter last year, the company posted ($0.27) earnings per share. Micron Technology’s revenue was up 120.4% compared to the same quarter last year. Analysts expect that Micron Technology will post $2.08 EPS for the current fiscal year.
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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