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Micron Technology (NYSE: MU) received a number of ratings updates from brokerages and research firms in the last week:

  • Micron Technology was upgraded by analysts at Robert W. Baird from a “neutral” rating to an “outperform” rating. They now have a $42.00 price target on the stock, up previously from $25.00.
  • Micron Technology had its “strong-buy” rating reaffirmed by analysts at Raymond James. They now have a $40.00 price target on the stock, up previously from $30.00.
  • Micron Technology had its price target raised by analysts at Susquehanna from $23.00 to $30.00.
  • Micron Technology had its price target raised by analysts at RBC Capital from $34.00 to $38.00. They now have an “outperform” rating on the stock.
  • Micron Technology had its price target raised by analysts at JPMorgan Chase & Co. from $24.00 to $36.00. They now have a “neutral” rating on the stock.
  • Micron Technology had its price target raised by analysts at Jefferies Group from $32.00 to $38.00. They now have a “buy” rating on the stock.
  • Micron Technology had its price target raised by analysts at JMP Securities from $33.00 to $36.00. They now have an “outperform” rating on the stock.
  • Micron Technology had its “buy” rating reaffirmed by analysts at Bank of America. They now have a $43.00 price target on the stock, up previously from $40.00. They wrote, “We raise our PO from $40.0 to $43.0 due to the more positive outlook. “New guidance following May-end FQ3-14 results clearly confirms up-cycle or record-high profit for not only FQ4-14 but also FY15. The key contributor should be ASP – less cyclical and smaller erosion vs cost curve. Management’s strategies (mix improvement, new tech deployment, disciplined capex, etc.) also show low execution risk (eg, proprietary brand for SSD, mobile DRAM strength leveraging Elpida, etc.). Net-net, we raise our EPS estimates for FQ4-14 and FY15 by 23% and 9% respectively at higher ASP. “Our PO implies 14x FY15E P/E but 3.2x PBR; high ROE/FCF should warrant valuation premium vs historical average (1-2x PBR).”
  • Micron Technology had its price target raised by analysts at Topeka Capital Markets from $27.00 to $33.00. They now have a “hold” rating on the stock.
  • Micron Technology was upgraded by analysts at Needham & Company LLC from a “buy” rating to a “strong-buy” rating. They now have a $50.00 price target on the stock, up previously from $40.00.
  • Micron Technology had its “neutral” rating reaffirmed by analysts at Macquarie. They now have a $35.00 price target on the stock, up previously from $28.00.
  • Micron Technology had its price target raised by analysts at Argus from $31.00 to $38.00. They now have a “buy” rating on the stock.
  • Micron Technology had its price target raised by analysts at Roth Capital from $30.00 to $37.00.
  • Micron Technology had its “outperform” rating reaffirmed by analysts at Zacks. They now have a $39.00 price target on the stock. 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.”

Shares of Micron Technology, Inc. (NYSE:MU) traded down 1.05% on Thursday, hitting $32.00. 20,344,740 shares of the company’s stock traded hands. Micron Technology, Inc. has a one year low of $12.31 and a one year high of $32.97. The stock has a 50-day moving average of $29.00 and a 200-day moving average of $25.00. The company has a market cap of $34.252 billion and a P/E ratio of 13.06.

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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