Micron Receives a Buy from Loop Capital Markets

By Jason Carr

In a report released today, Betsy Van Hees from Loop Capital Markets reiterated a Buy rating on Micron (NASDAQ: MU), with a price target of $40. The company’s shares closed yesterday at $31.47, close to its 52-week high of $32.96.

Van Hees observed:

“We believe yet another beat and raise by Micron Technology (MU) supports our view that “the sun, the moon, and the stars” continue to remain aligned as MU benefits from the elongated trifecta of the memory cycle – tight supply/demand dynamics, increasing prices, and cost reductions. We expect these favorable dynamics to continue to drive operating leverage in the model with sustained healthy earnings and revenue growth through the second half of calendar year 2017 and into fiscal year 2018.”

According to TipRanks.com, Hees is a 5-star analyst with an average return of 21.9% and a 64.9% success rate. Hees covers the Consumer Goods sector, focusing on stocks such as Advanced Micro Devices, Integrated Device Tech, and Texas Instruments.

Currently, the analyst consensus on Micron is Strong Buy and the average price target is $38.60, representing a 22.7% upside.

In a report issued on June 19, Robert W. Baird also reiterated a Buy rating on the stock with a $40 price target.

Micron’s market cap is currently $34.81B and has a P/E ratio of 56.20. The company has a book value ratio of 2.4362.

Based on the recent corporate insider activity of 50 insiders, corporate insider sentiment is negative on the stock. Last month, Brian Shirley, the VP Memory Tech. & Solutions of MU sold 50,581 shares for a total of $1,455,215.

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Micron Technology, Inc. engages in the designing, and building memory and semiconductor technologies. It operates through the following segments: Compute and Networking Business Unit, Storage Business Unit, Mobile Business Unit, Embedded Business Unit.