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Micron Technology (NYSE:MU) shares shot up 6.2% during mid-day trading on Wednesday after Bank of America upgraded the stock from an underperform rating to a buy rating, AnalystRatingsNetwork reports. Bank of America now has a $40.00 price target on the stock, up from their previous price target of $22.00. Micron Technology traded as high as $31.40 and last traded at $31.34, with a volume of 33,334,123 shares changing hands. The stock had previously closed at $29.51.

The analysts wrote, “We upgrade our rating on Micron from Underperform to Buy with a new PO of $40.0 (FY15E implied P/E 14x, PBR 3.1x). The stock has already moved up strongly (up 33% YTD) but we think further upside will occur,In our view, key catalysts are solid chip pricing environment (tight supply) and cost competitiveness. “Our EPS revisions for FY15-16E are c.50% on average at higher/lower ASP/cost. We also expect dividend payment from FY15-end. Lower cyclical risk and higher shareholder return lead to bigger EVA (WACC down vs ROE up); clearly a different cycle.”

Several other analysts have also recently commented on the stock. Analysts at Credit Suisse raised their price target on shares of Micron Technology from $30.00 to $50.00 in a research note on Wednesday. They now have an “outperform” rating on the stock. Separately, analysts at ING Group upgraded shares of Micron Technology from a “sector perform” rating to an “outperform” rating in a research note on Monday, May 19th. Finally, analysts at RBC Capital upgraded shares of Micron Technology from a “sector perform” rating to an “outperform” rating in a research note on Monday, May 19th. They now have a $34.00 price target on the stock, up previously from $27.00. One equities research analyst has rated the stock with a sell rating, eight have given a hold rating, eighteen have assigned a buy rating and two have given a strong buy rating to the company. The company has an average rating of “Buy” and a consensus price target of $28.36.

In other Micron Technology news, Director Lawrence N. Mondry unloaded 10,000 shares of Micron Technology stock in a transaction that occurred on Thursday, June 5th. The shares were sold at an average price of $29.10, for a total transaction of $291,000.00. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link.

The stock’s 50-day moving average is $27.19 and its 200-day moving average is $24.20. The company has a market cap of $33.353 billion and a P/E ratio of 11.92.

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.

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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