TheStreet upgraded shares of Micron Technology (NYSE:MU) from a hold rating to a buy rating in a report released on Tuesday, Analyst Ratings.Net reports.
“Micron Technology (MU) has been upgraded by TheStreet Ratings from hold to buy. The company’s strengths can be seen in multiple areas, such as its revenue growth, solid stock price performance, impressive record of earnings per share growth, compelling growth in net income and attractive valuation levels. Although no company is perfect, currently we do not see any significant weaknesses which are likely to detract from the generally positive outlook.,” TheStreet’s analyst wrote.
In other Micron Technology news, VP Patrick T. Otte unloaded 175,651 shares of Micron Technology stock on the open market in a transaction dated Thursday, October 17th. The shares were sold at an average price of $16.95, for a total transaction of $2,977,284.45. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link.
Several other analysts have also recently commented on the stock. Analysts at Drexel Hamilton initiated coverage on shares of Micron Technology in a research note to investors on Monday, October 21st. They set a buy rating and a $24.00 price target on the stock. Separately, analysts at Raymond James raised their price target on shares of Micron Technology from $20.00 to $24.00 in a research note to investors on Friday, October 11th. They now have a strong-buy rating on the stock. Finally, analysts at JPMorgan Chase & Co. raised their price target on shares of Micron Technology from $14.00 to $17.00 in a research note to investors on Friday, October 11th. Two research analysts have rated the stock with a sell rating, fourteen have issued a hold rating, fourteen have assigned a buy rating and one has given a strong buy rating to the company. Micron Technology currently has a consensus rating of Hold and a consensus target price of $18.60.
Shares of Micron Technology (NYSE:MU) traded up 1.95% on Tuesday, hitting $17.7285. The stock had a trading volume of 20,780,676 shares. Micron Technology has a 52-week low of $5.16 and a 52-week high of $16.85. The stock’s 50-day moving average is $17.19 and its 200-day moving average is $13.73. The company has a market cap of $18.317 billion and a P/E ratio of 15.39.
Micron Technology (NYSE:MU) last released its earnings data on Thursday, October 10th. The company reported $1.51 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.24 by $1.27. The company had revenue of $2.84 billion for the quarter, compared to the consensus estimate of $2.70 billion. During the same quarter in the previous year, the company posted ($0.24) earnings per share. The company’s revenue for the quarter was up 44.8% on a year-over-year basis. On average, analysts predict that Micron Technology will post $2.06 earnings per share for the current fiscal year.
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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