Micron Technology Receives “Outperform” Rating from Zacks (MU)
Micron Technology (NYSE:MU)‘s stock had its “outperform” rating reiterated by Zacks in a note issued to investors on Wednesday. They currently have a $39.00 price target on the stock. Zacks‘s price target suggests a potential upside of 20.00% from the company’s current price.
Zacks’ analyst wrote, “We are encouraged by Micron’s strong third-quarter fiscal 2014 results. The results were primarily boosted by higher revenues and an improving PC DRAM pricing environment. Moreover, Micron provided a modest guidance for the forthcoming quarter. The company is also optimistic about supply/demand balance for DRAM and NAND memory chips in 2014, which should support prices. Micron is also positive about its product launches and growing demand for its products, particularly SSD products. Additionally, the acquisition of Elpida and Rexchip will benefit Micron’s share in the memory market. However, it may not be easy for Micron to capture share from SanDisk Corp., a key player in the NAND space. Nevertheless, support from Apple and Intel Corp., its prime NAND customers, will help Micron going forward. Thus, we reiterate our Outperform recommendation for the stock.”
A number of other analysts have also recently weighed in on MU. Analysts at Macquarie reiterated a “neutral” rating on shares of Micron Technology in a research note on Wednesday. They now have a $35.00 price target on the stock, up previously from $28.00. Separately, analysts at Argus raised their price target on shares of Micron Technology from $31.00 to $38.00 in a research note on Wednesday. They now have a “buy” rating on the stock. Finally, 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. One investment analyst has rated the stock with a sell rating, eight have given a hold rating, sixteen have issued a buy rating and three have issued a strong buy rating to the company’s stock. The stock has an average rating of “Buy” and an average price target of $34.74.
Shares of Micron Technology (NYSE:MU) traded down 0.94% during mid-day trading on Wednesday, hitting $32.195. 18,463,424 shares of the company’s stock traded hands. Micron Technology has a 1-year low of $12.31 and a 1-year 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 $34.461 billion and a P/E ratio of 13.13.
Micron Technology (NYSE:MU) last posted its quarterly earnings results on Monday, June 23rd. The company reported $0.79 earnings per share for the quarter, beating the analysts’ 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 last year, the company posted $0.04 earnings per share. Micron Technology’s revenue was up 71.8% compared to the same quarter last year. Analysts expect that Micron Technology will post $3.19 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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