Several Analysts Upgrade Micron Technology (NASDAQ:MU) Following Recent Earnings Announcement
SAN FRANCISCO – In the past week, several analysts have upgraded Micron Technologies (NASDAQ:MU) on what they believe is a favorable performance and near- to mid-term guidance. RBC Capital joined the crowd late last week by restating their outperform rating in a research note issued to investors. According to the report, RBC has valued Micron at $ 19.00 per share – the stock is currently trading at $ $ 16.92.
In related news, Micron Vice President, Scott Deboer, sold 26,750 shares of the company’s stock in a transaction dated October 7 – three days before the company issued their earnings report. The shares sold for an average price of $ 18.60 and the transaction was worth almost $ 500,000. After the sale, Deboer retained more than 250, 000 shares in the company with an approximate value of $ 4 million. T
The insider deal so close to the earnings announcement did not subdue optimism on Micron’s prospects as analysts at Bank of America (NYSE:BAC) raised their price target from $ 18.00 to $ 20.50. Bank of America now rates Micron as a strong buy. Analysts at Piper Jaffray and Citigroup (NYSE:C) were even more bullish on the company and raised their target price to more than $ 30.00 per share – almost double the current share price.
All told, two analysts have rated the stock sell, fourteen have hold ratings, and fifteen have a buy rating for an average hold rating and target price of $ 18.38 per share. However, shares of Micron have slipped since the most recent quarterly report and are now trading more almost 15 percent of their 52-weel high.
In their most recent earning report, released on October 10, the company reported earnings per share for the quarter of $ 1.51, beating the consensus estimate of $0.24 by $1.27. Revenue for the quarter just ended was $ 2.84 billion, compared to the consensus estimate of $ 2.70 billion. The consensus amongst analysts is that the company will post an EPS of $ 2.08 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.