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Investment analysts at Jefferies Group hoisted their price objective on shares of Micron Technology (NYSE:MU) from $38.00 to $40.00 in a note issued to investors on Friday. The firm currently has a “buy” rating on the stock. Jefferies Group’s target price would indicate a potential upside of 21.91% from the stock’s previous close.

Shares of Micron Technology (NYSE:MU) opened at 32.81 on Friday. Micron Technology has a one year low of $13.23 and a one year high of $34.85. The stock’s 50-day moving average is $32.36 and its 200-day moving average is $28.10. The company has a market cap of $35.134 billion and a price-to-earnings ratio of 10.82.

Micron Technology (NYSE:MU) last announced its earnings results on Monday, June 23rd. The company reported $0.79 EPS for the quarter, beating the Thomson Reuters 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 prior year, the company posted $0.04 earnings per share. The company’s quarterly revenue was up 71.8% on a year-over-year basis. On average, analysts predict that Micron Technology will post $3.21 earnings per share for the current fiscal year.

A number of other firms have also recently commented on MU. Analysts at Zacks reiterated an “outperform” rating on shares of Micron Technology in a research note on Friday, August 8th. They now have a $36.00 price target on the stock. Separately, analysts at Needham & Company LLC reiterated a “buy” rating on shares of Micron Technology in a research note on Thursday, July 17th. Finally, analysts at Credit Suisse upgraded shares of Micron Technology to a “focus list” rating in a research note on Monday, June 30th. One investment analyst has rated the stock with a sell rating, seven have issued a hold rating, sixteen have assigned a buy rating and three have given a strong buy rating to the company’s stock. Micron Technology currently has a consensus rating of “Buy” and an average target price of $33.48.

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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