Wells Fargo Believes Micron (NASDAQ: MU) Won’t Stop Here

By Jason Carr

In a report released today, David Wong from Wells Fargo reiterated a Buy rating on Micron (NASDAQ: MU), with a price target of $40. The company’s shares opened today at $32.45, close to its 52-week high of $32.96.

According to TipRanks.com, Wong is a 5-star analyst with an average return of 19.1% and a 69.5% success rate. Wong covers the Consumer Goods sector, focusing on stocks such as International Rectifier, Sunedison Semiconductor, and Advanced Micro Devices.

Currently, the analyst consensus on Micron is Strong Buy and the average price target is $38.73, representing a 19.4% upside.

In a report issued on June 14, Mizuho Securities also reiterated a Buy rating on the stock with a $35 price target.

Micron’s market cap is currently $35.09B and has a P/E ratio of 56.66. The company has a book value ratio of 2.4563.

Based on the recent corporate insider activity of 49 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.

TipRanks has tracked 36,000 company insiders and found that a few of them are better than others when it comes to timing their transactions. See which 3 stocks are most likely to make moves following their insider activities.

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.