Micron Technology, Inc. (NASDAQ:MU) posted fiscal fourth-quarter results yesterday that exceeded expectations, with a top-line surge and EPS beat. Additionally, the semi-conductor giant guides revenue and EPS above consensus.

In reaction, Brean Capital top analyst Mike Burton reiterates a Buy rating on MU, while raising the price target from $18 to $23, which represents a 29% increase from where the shares last closed.

MU posted a quarterly net loss of $0.05 per shares and brought in $3.217 billion in revenues, above the Street’s projections of a loss of $0.12 per share and estimated $3.150 billion in revenues. The company guides revenue to a range of $3.55 to $3.85 billion, with the mid-point of $3.7 billion hitting above the Street’s estimate of $3.46 billion. The analyst attributes revenue’s quarter-over-quarter 11% growth as a reflection of positive bit DRAM growth, which rose 20% quarter-over-quarter and positive bit NAND growth, which increased 13% quarter-over-quarter.

Burton asserts, “We continue to like MU since it is in the early part of a positive cycle. We believe Industry-wide cuts to DRAM CAPEX will deliver a favorable supply-demand balance in 1H17 and that its improved position in non-volatile memories (3D NAND and XPoint) will help contribute to its earnings power going forward. We believe that MU’s cost cutting internal priorities are still on track and that the demand picture is improving […]”

According to TipRanks, which measures analysts’ and bloggers’ success rate based on how their calls perform, top five-star analyst Mike Burton has achieved a high ranking of #43 out of 4,193 analysts. Burton upholds a 73% success rate and earns 16.4% in his yearly returns. When recommending MU, Burton realizes 43.9% in average profits on the stock.

TipRanks analytics demonstrate MU as a Buy. Based on 18 analysts polled in the last 3 months, 14 rate a Buy on MU, 3 maintain a Hold, while 1 issues a Sell. The consensus price target stands at $20.79, marking a nearly 17% upside from where the stock is currently trading.