Deutsche Bank Initiates Coverage on Micron Technology (MU)
Investment analysts at Deutsche Bank assumed coverage on shares of Micron Technology (NYSE:MU) in a note issued to investors on Thursday. The firm set a “buy” rating and a $40.00 price target on the stock. Deutsche Bank’s price target points to a potential upside of 26.22% from the stock’s previous close.
Shares of Micron Technology (NYSE:MU) traded up 2.05% on Thursday, hitting $32.33. The stock had a trading volume of 13,310,508 shares. Micron Technology has a 52-week low of $14.94 and a 52-week high of $34.85. The stock has a 50-day moving average of $32.20 and a 200-day moving average of $28.. The company has a market cap of $34.620 billion and a price-to-earnings ratio of 10.45.
Micron Technology (NYSE:MU) last issued its quarterly earnings data 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 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. 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 Jefferies Group raised their price target on shares of Micron Technology from $38.00 to $40.00 in a research note on Friday, August 29th. They now have a “buy” rating on the stock. Separately, 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. Finally, analysts at Needham & Company LLC reiterated a “buy” rating on shares of Micron Technology in a research note on Thursday, July 17th. One equities research analyst has rated the stock with a sell rating, five have assigned a hold rating, seventeen have assigned a buy rating and three have given a strong buy rating to the stock. Micron Technology has an average rating of “Buy” and a consensus price target of $34.28.
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 Tuesday, September 2nd. The stock was sold at an average price of $31.91, for a total value of $63,820.00. The transaction was disclosed in a filing with the SEC, which can be accessed through this link.
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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