Micron Technology Upgraded by Sanford C. Bernstein to “Overweight” (MU)
Micron Technology (NYSE: MU) was upgraded by equities researchers at Sanford C. Bernstein to an “overweight” rating in a report issued on Wednesday, TheFlyOnTheWall.com reports.
Micron Technology traded up 2.04% on Wednesday, hitting $9.51. Micron Technology has a 52-week low of $5.16 and a 52-week high of $9.45. The stock’s 50-day moving average is currently $8.10. The company’s market cap is $9.717 billion.
Micron Technology last issued its quarterly earnings data on Thursday, December 20th. The company reported ($0.27) EPS for the quarter, missing the Thomson Reuters consensus estimate of ($0.20) by $0.07. The company had revenue of $1.83 billion for the quarter, compared to the consensus estimate of $2.02 million. During the same quarter in the prior year, the company posted ($0.19) earnings per share. The company’s quarterly revenue was down 12.2% on a year-over-year basis. On average, analysts predict that Micron Technology will post $-0.52 earnings per share for the current fiscal year.
A number of other analysts have also recently weighed in on MU. Analysts at Nomura reiterated a “neutral” rating on shares of Micron Technology in a research note to investors on Wednesday. They now have a $8.00 price target on the stock. Separately, analysts at SunTrust initiated coverage on shares of Micron Technology in a research note to investors on Wednesday. They set a “neutral” rating and a $38.00 price target on the stock. Finally, analysts at Credit Agricole raised their price target on shares of Micron Technology from $7.50 to $10.50 in a research note to investors on Tuesday. They now have an “outperform” rating on the stock.
Seventeen analysts have rated the stock with a buy rating, three have assigned an overweight rating, eight have issued a hold rating, and one has assigned an underweight rating to the stock. Micron Technology has an average rating of “overweight” and a consensus price target of $9.68.
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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