Cowen & Co. analyst Timothy Arcuri initiated coverage on shares of Micron Technology, Inc. (NASDAQ:MU) with an Outperform rating and a price target of $34, which represents a potential upside of 39% from where the stock is currently trading.

Arcuri observed, “While NT risk around PCs remains high, MU is still in very early innings of a multi-year transformation with respect to execution, partnerships, and market dynamics. We see more upside, sustainability, and optionality to margins vs most peers – certainly in memory – yet stock still carries big discount.”

According to, which measures analysts’ and bloggers’ success rate based on how their calls perform, analyst Timothy Arcuri has a total average return of 16.3% and a 58.5% success rate. Arcuri is ranked #255 out of 3638 analysts.