Micron Technology Receives Buy Rating from Sterne Agee (MU)
Micron Technology (NYSE:MU)‘s stock had its “buy” rating reaffirmed by research analysts at Sterne Agee in a report released on Friday, StockRatingsNetwork.com reports. They currently have a $32.00 price objective on the stock. Sterne Agee’s price target suggests a potential upside of 23.74% from the company’s current price.
Micron Technology (NYSE:MU) opened at 25.86 on Friday. Micron Technology has a 52-week low of $10.57 and a 52-week high of $27.78. The stock has a 50-day moving average of $24.62 and a 200-day moving average of $22.87. The company has a market cap of $27.680 billion and a price-to-earnings ratio of 10.44.
Micron Technology (NYSE:MU) last posted its quarterly earnings results on Thursday, April 3rd. The company reported $0.85 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.74 by $0.11. The company had revenue of $4.11 billion for the quarter, compared to the consensus estimate of $3.98 billion. During the same quarter in the previous year, the company posted ($0.28) earnings per share. The company’s revenue for the quarter was up 97.6% on a year-over-year basis. On average, analysts predict that Micron Technology will post $3.02 earnings per share for the current fiscal year.
In other Micron Technology news, Director Robert Switz sold 25,000 shares of the stock on the open market in a transaction that occurred on Tuesday, May 13th. The stock was sold at an average price of $27.56, for a total value of $689,000.00. Following the sale, the director now directly owns 102,709 shares of the company’s stock, valued at approximately $2,830,660. The sale was disclosed in a legal filing with the SEC, which is available at this link.
A number of other firms have also recently commented on MU. Analysts at Zacks upgraded shares of Micron Technology from a “hold” rating to a “buy” rating in a research note on Tuesday, April 29th. Finally, analysts at Needham & Company LLC reiterated a “positive” rating on shares of Micron Technology in a research note on Tuesday, April 22nd. Three research analysts have rated the stock with a sell rating, eight have given a hold rating, fifteen have issued a buy rating and two have assigned a strong buy rating to the stock. Micron Technology has a consensus rating of “Buy” and a consensus price target of $26.28.
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.
Get Analysts' Upgrades and Downgrades via Email - Stay on top of analysts' coverage with Analyst Ratings Network's FREE daily email newsletter that provides a concise list of analysts' upgrades and downgrades. Click here to register now.