Argus Initiates Coverage on Micron Technology (MU)
Equities researchers at Argus started coverage on shares of Micron Technology (NYSE:MU) in a research report issued on Friday, TheFlyOnTheWall.com reports. The firm set a “buy” rating and a $31.00 price target on the stock. Argus’ target price would indicate a potential upside of 33.56% from the company’s current price.
Several other analysts have also recently commented on the stock. Analysts at Jefferson Research upgraded shares of Micron Technology from a “sell” rating to a “hold” rating in a research note to investors on Friday. Separately, analysts at RBC Capital raised their price target on shares of Micron Technology to $28.00 in a research note to investors on Thursday. Finally, analysts at Deutsche Bank raised their price target on shares of Micron Technology from $17.00 to $20.00 in a research note to investors on Wednesday. They now have a “hold” rating on the stock. Five research analysts have rated the stock with a sell rating, fifteen have assigned a hold rating, twelve have issued a buy rating and one has given a strong buy rating to the company. The company currently has an average rating of “Hold” and an average price target of $22.93.
Shares of Micron Technology (NYSE:MU) opened at 23.24 on Friday. Micron Technology has a one year low of $7.30 and a one year high of $24.50. The stock’s 50-day moving average is $21.78 and its 200-day moving average is $17.0. The company has a market cap of $24.445 billion and a P/E ratio of 21.12.
Micron Technology (NYSE:MU) last released its earnings data on Tuesday, January 7th. The company reported $0.30 earnings per share (EPS) for the quarter, missing the 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 in the previous year, the company posted ($0.27) earnings per share. The company’s revenue for the quarter was up 120.4% on a year-over-year basis. On average, analysts predict that Micron Technology will post $2.14 earnings per share 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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