Needham Assigns a Buy Rating on Micron (MU)

By Ryan Adsit

In a report released today, Rajvindra Gill from Needham assigned a Buy rating to Micron (MUResearch Report), with a price target of $70.00. The company’s shares closed last Monday at $49.15.

According to TipRanks.com, Gill is a 4-star analyst with an average return of 5.3% and a 52.1% success rate. Gill covers the Technology sector, focusing on stocks such as Sequans Communications S A, Everspin Technologies, and Smart Global Holdings.

Currently, the analyst consensus on Micron is a Moderate Buy with an average price target of $64.50, which is a 32.5% upside from current levels. In a report issued on June 16, Morgan Stanley also maintained a Buy rating on the stock with a $63.00 price target.

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Micron’s market cap is currently $54.66B and has a P/E ratio of 23.90. The company has a Price to Book ratio of 1.52.

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Micron Technology, Inc. engages in the provision of innovative memory and storage solutions. It operates through the following segments: Compute and Networking Business Unit (CNBU); Mobile Business Unit (MBU); Storage Business Unit (SBU); and Embedded Business Unit (EBU). The Compute and Networking Business Unit segment includes memory products sold into cloud server, enterprise, client, graphics, and networking markets. The Mobile Business Unit segment offers memory products sold into smartphone, and other mobile-device markets. The Storage Business Unit segment comprises of SSDs and component-level solutions sold into enterprise and cloud, client, and consumer solid-state drive (SSD) markets, other discrete storage products sold in component and wafer forms to the removable storage markets, and sales of 3D XPoint memory. The Embedded Business Unit segment consists of memory and storage products sold into automotive, industrial, and consumer markets. The company was founded by Ward D. Parkinson, Joseph L. Parkinson, Dennis Wilson, and Doug Pitman in October 1978 and is headquartered in Boise, ID.