Needham analyst Rajvindra Gill reiterated a Buy rating on Micron (NASDAQ: MU) today and set a price target of $100. The company’s shares opened today at $61.46, close to its 52-week high of $64.66.
Gill noted:
“We are reiterating our $100 PT following another beat/raise quarter. Micron is benefiting from systematic, structural changes occurring in the memory industry where memory is becoming a strategic differentiator in high performance computing. This is evident in MU’ 65% DRAM GM. On the NAND side, Micron is strategically expanding into managed NAND solutions – eMMC and SSDs – where ASPs are higher. Combined with a commitment to return 50% FCF starting in FY19 in stock buybacks, an aggressive de-leveraging campaign, we see earnings power of $12-$13, and continue to advocate for the name at these levels.”
According to TipRanks.com, Gill is a top 100 analyst with an average return of 22.7% and a 70.1% success rate. Gill covers the Consumer Goods sector, focusing on stocks such as Smart Global Holdings Inc, Everspin Technologies Inc, and Adesto Technologies Corp.
Currently, the analyst consensus on Micron is Moderate Buy and the average price target is $80.24, representing a 30.6% upside.
In a report issued on June 12, RBC Capital also maintained a Buy rating on the stock with a $80 price target.
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The company has a one-year high of $64.66 and a one-year low of $26.85. Currently, Micron has an average volume of 52.47M.
Based on the recent corporate insider activity of 72 insiders, corporate insider sentiment is negative on the stock. Last 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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