Micron Technology Rating Increased to Outperform at RBC Capital (MU)
Micron Technology (NYSE:MU) was upgraded by stock analysts at RBC Capital from a “sector perform” rating to an “outperform” rating in a report issued on Monday, TheFlyOnTheWall.com reports.
Shares of Micron Technology (NYSE:MU) opened at 26.03 on Monday. Micron Technology has a 52 week low of $10.57 and a 52 week high of $27.78. The stock’s 50-day moving average is $24.7 and its 200-day moving average is $22.94. The company has a market cap of $27.862 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. Analysts expect that Micron Technology will post $3.02 EPS for the current fiscal year.
A number of other firms have also recently commented on MU. Analysts at Sterne Agee reiterated a “buy” rating on shares of Micron Technology in a research note on Friday. They now have a $32.00 price target on the stock. Separately, 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 Zacks reiterated an “outperform” rating on shares of Micron Technology in a research note on Friday, April 25th. They now have a $31.00 price target on the stock. Three analysts have rated the stock with a sell rating, eight have given a hold rating, sixteen have assigned a buy rating and two have issued a strong buy rating to the stock. The company has an average rating of “Buy” and an average target price of $26.21.
In other Micron Technology news, Director Robert Switz sold 25,000 shares of Micron Technology stock in a transaction dated Tuesday, May 13th. The shares were sold at an average price of $27.56, for a total value of $689,000.00. Following the transaction, the director now directly owns 102,709 shares in the company, valued at approximately $2,830,660. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through 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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