Micron Technology, Inc. (NASDAQ:MU) announced an update regarding its effort to acquire the remaining interest in Inotera.
While the acquisition was initially expected to close in mid-July 2016, the parties have concluded that closing the transaction on this timeframe is not possible. Micron expects to provide an update toward the latter part of calendar 2016.
As previously announced, a subsidiary of Micron agreed to acquire 100% of the issued and outstanding shares of Inotera pursuant to a Share Swap Agreement dated February 3, 2016. Micron subsidiaries currently hold approximately 33% of the issued and outstanding Inotera shares. (Original Source)
Shares of Micron Technology closed yesterday at $13.00, up $0.23 or 1.80%. MU has a 1-year high of $25.95 and a 1-year low of $9.31. The stock’s 50-day moving average is $11.01 and its 200-day moving average is $11.81.
On the ratings front, Micron has been the subject of a number of recent research reports. In a report issued on June 6, Goldman Sachs analyst Mark Delaney maintained a Hold rating on MU, with a price target of $13, which represents a slight downside potential from current levels. Separately, on the same day, Morgan Stanley’s Joseph Moore maintained a Buy rating on the stock and has a price target of $18.
According to TipRanks.com, which ranks over 7,500 financial analysts and bloggers to gauge the performance of their past recommendations, Mark Delaney and Joseph Moore have a total average return of 7.3% and 5.7% respectively. Delaney has a success rate of 63.0% and is ranked #913 out of 3903 analysts, while Moore has a success rate of 53.8% and is ranked #716.
The street is mostly Bullish on MU stock. Out of 25 analysts who cover the stock, 16 suggest a Buy rating , 5 suggest a Hold and 4 recommend to Sell the stock. The 12-month average price target assigned to the stock is $14.39, which represents a potential upside of 10.7% from where the stock is currently trading.
Micron Technology, Inc. provides semiconductor solutions. It manufactures and distributes semiconductor solutions. It manufactures and markets DRAM, NAND Flash 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. The company operates through four segments: Compute and Networking Business Unit (CNBU), Mobile Business Unit (MBU), Storage Business Unit (SBU), and Embedded Business Unit (EBU).