Top Analyst Lifts Price Target on Micron Technology, Inc. (MU) Following Flash Memory Summit

Brean Capital analyst Mike Burton was out raising the price target for Micron Technology, Inc. (NASDAQ:MU) to $18 (from $14), after the chip giant presented at the Flash Memory Summit. Burton has taken a slew of positive data points in MU’s favor, which “further strengthens” his long-term views on shares of Micron and its solid place in a promising industry.

Burton contends, “Effectively, our thesis remains the same that both the demand dynamics in the DRAM and NAND industry are improving as we move into the 2H16 and 2017. These positive industry dynamics are coupled with our belief that the company is executing on its current cost initiatives as it is transitioning to 20nm in DRAM (bit crossover to 20nm was the May Q), and also working to deliver 3D NAND as the majority of the NAND output (bit crossover is expected to be this Fall).”

Especially in light of recent increases in DRAM contract prices and discussions at the FMS, Burton highly anticipates consensus will increase estimates after next month’s Micron report.

According to TipRanks, top five-star analyst Mike Burton has achieved a high ranking of #69 out of 4,121 analysts, upholding a 69% success rate and yielding 15.2% in his annual returns. When recommending MU, Burton realizes 26.1% in average profits on the stock.

TipRanks analytics exhibit MU as a Buy. Based on 23 analysts polled in the last 3 months, 18 rate a Buy on Micron, 3 maintain a Hold, and 2 issue a Sell. The 12-month price target stands at $16.24, marking a nearly 5% upside from where the stock is currently trading.

Recommended Article: MKM Pounds the Table on Micron

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