Credit Suisse analyst John Pitzer maintained a Buy rating on Micron (NASDAQ: MU) yesterday and set a price target of $70. The company’s shares closed yesterday at $53.39.
According to TipRanks.com, Pitzer is a top 100 analyst with an average return of 22.2% and a 74.5% success rate. Pitzer covers the Consumer Goods sector, focusing on stocks such as Advanced Micro Devices, Texas Instruments, and Microchip.
Currently, the analyst consensus on Micron is Strong Buy and the average price target is $74.23, representing a 39.0% upside.
In a report issued on May 10, Morgan Stanley also reiterated a Buy rating on the stock with a $65 price target.
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Based on Micron’s latest earnings release for the quarter ending February 28, the company reported a quarterly revenue of $7.35 billion and net profit of $3.31 billion. In comparison, last year the company earned revenue of $4.65 billion and had a net profit of $894 million.
Based on the recent corporate insider activity of 74 insiders, corporate insider sentiment is negative on the stock. Earlier this month, Steven Thorsen, the SVP WW Sales of MU sold 28,089 shares for a total of $1,359,508.
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Micron Technology, Inc. engages in the designs and building of semiconductor memory and storage technologies. It operates through the following segments: Compute and Networking Business Unit, Storage Business Unit, Mobile Business Unit, and Embedded Business Unit.
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