Micron Technology Price Target Raised to $38.00 at Argus (MU)
Argus increased their price objective on shares of Micron Technology (NYSE:MU) from $31.00 to $38.00 in a research note issued on Wednesday. The firm currently has a “buy” rating on the stock. Argus’ target price would indicate a potential upside of 16.92% from the company’s current price.
Shares of Micron Technology (NYSE:MU) opened at 32.50 on Wednesday. Micron Technology has a 52 week low of $12.31 and a 52 week high of $32.97. The stock has a 50-day moving average of $28.7 and a 200-day moving average of $24.93. The company has a market cap of $34.787 billion and a P/E ratio of 12.63.
Micron Technology (NYSE:MU) last released its earnings data on Monday, June 23rd. The company reported $0.79 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.69 by $0.10. The company had revenue of $3.98 billion for the quarter, compared to the consensus estimate of $3.89 billion. During the same quarter in the previous year, the company posted $0.04 earnings per share. The company’s revenue for the quarter was up 71.8% on a year-over-year basis. On average, analysts predict that Micron Technology will post $3.11 earnings per share for the current fiscal year.
A number of other firms have also recently commented on MU. Analysts at Roth Capital raised their price target on shares of Micron Technology from $30.00 to $37.00 in a research note on Wednesday. Separately, analysts at Bank of America reiterated a “buy” rating on shares of Micron Technology in a research note on Tuesday. They now have a $43.00 price target on the stock, up previously from $40.00. Finally, analysts at Topeka Capital Markets raised their price target on shares of Micron Technology from $27.00 to $33.00 in a research note on Tuesday. They now have a “hold” rating on the stock. One analyst has rated the stock with a sell rating, eight have given a hold rating, sixteen have assigned a buy rating and three have issued a strong buy rating to the company. The company currently has a consensus rating of “Buy” and a consensus target price of $34.31.
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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