Micron Technology Stock Rating Reaffirmed by Zacks (MU)
Micron Technology (NYSE:MU)‘s stock had its “outperform” rating reiterated by Zacks in a report released on Friday. They currently have a $36.00 target price on the stock. Zacks‘s price target points to a potential upside of 21.29% from the stock’s previous close.
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 the 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 NAND player. 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.”
In other Micron Technology news, Director Robert L. Bailey sold 2,000 shares of Micron Technology stock on the open market in a transaction dated Friday, August 1st. The stock was sold at an average price of $31.01, for a total value of $62,020.00. The sale was disclosed in a document filed with the SEC, which can be accessed through this link.
Shares of Micron Technology (NYSE:MU) traded up 1.31% on Friday, hitting $30.07. The stock had a trading volume of 12,325,123 shares. Micron Technology has a one year low of $13.05 and a one year high of $34.85. The stock has a 50-day moving average of $32.54 and a 200-day moving average of $27.18. The company has a market cap of $32.200 billion and a P/E ratio of 9.79.
Micron Technology (NYSE:MU) last posted its quarterly earnings results 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. Analysts expect that Micron Technology will post $3.21 EPS for the current fiscal year.
MU has been the subject of a number of other recent research reports. Analysts at Needham & Company LLC reiterated a “buy” rating on shares of Micron Technology in a research note on Thursday, July 17th. Separately, analysts at Credit Suisse upgraded shares of Micron Technology to a “focus list” rating in a research note on Monday, June 30th. Finally, analysts at Macquarie reiterated a “neutral” rating on shares of Micron Technology in a research note on Wednesday, June 25th. They now have a $35.00 price target on the stock, up previously from $28.00. One analyst has rated the stock with a sell rating, seven have issued a hold rating, sixteen have given a buy rating and three have given a strong buy rating to the company’s stock. The stock presently has a consensus rating of “Buy” and an average price target of $33.40.
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.
To view Zacks’ full report, visit Zacks’ official website.
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