Micron Technology (NYSE:MU)‘s stock had its “outperform” rating restated by equities researchers at Wedbush in a research report issued on Friday, Analyst Ratings.Net reports. They currently have a $23.00 price objective on the stock, up from their previous price objective of $16.00. Wedbush’s price target would suggest a potential upside of 34.02% from the company’s current price.
The analysts wrote, “While checks indicate demand for handsets, PCs and tablets have modestly improved since Aug, any prior concerns we had for near-term memory supply outstripping demand have been eradicated following the fire at SK Hynix’s DRAM fab in China that we believe has totally shifted the memory supply/demand dynamics to Micron’s (MU) favor. We reiterate our OUTPERFORM rating, increase our PT to $23 and recommend investors continue to buy the stock.”
Other equities research analysts have also recently issued reports about the stock. Analysts at Sterne Agee raised their price target on shares of Micron Technology (NYSE:MU) from $16.84 to $19.00 in a research note to investors on Wednesday. They now have a “buy” rating on the stock. Separately, analysts at TheStreet reiterated a “hold” rating on shares of Micron Technology (NYSE:MU) in a research note to investors on Monday. Finally, analysts at RBC Capital raised their price target on shares of Micron Technology (NYSE:MU) from $16.00 to $19.00 in a research note to investors on Friday, September 13th. They now have an “outperform” rating on the stock.
One analyst has rated the stock with a sell rating, seventeen have issued a hold rating, fifteen have issued a buy rating and one has issued a strong buy rating to the stock. Micron Technology currently has a consensus rating of “Hold” and an average target price of $15.83.
Shares of Micron Technology (NYSE:MU) traded up 0.75% on Friday, hitting $17.29. 15,338,469 shares of the company’s stock traded hands. Micron Technology has a 52-week low of $5.16 and a 52-week high of $17.59. The stock’s 50-day moving average is $14.65 and its 200-day moving average is $12.10. The company’s market cap is $17.955 billion.
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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