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In a report released today, Hans Mosesmann from Rosenblatt Securities maintained a Buy rating on Micron (MU), with a price target of $75. The company’s shares closed yesterday at $39.61.
Mosesmann noted:
“We are reducing our earnings estimates for Micron ahead of Wednesday’s February quarter earnings report. Market conditions for both DRAM and NAND remain challenging with current data center demand trends murky. Micron, as a memory cycle play, is quite interesting to us from a risk/reward perspective for investors with an eye for a 2020 industry recovery as supply/demand trends reverse positively. In terms of management posture on the Wednesday call, we see them remaining steadfast on the power of the new Micron financial model and to remain committed to being active in share buybacks and return over 50% of FCF to investors over the next several quarters.”
According to TipRanks.com, Mosesmann is a 5-star analyst with an average return of 11.3% and a 56.4% success rate. Mosesmann covers the Consumer Goods sector, focusing on stocks such as Texas Instruments, Lattice Semicon, and Microchip.
Micron has an analyst consensus of Moderate Buy, with a price target consensus of $45.40, implying a 14.6% upside from current levels. In a report issued on March 4, Deutsche Bank also reiterated a Buy rating on the stock with a $48 price target.
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Based on Micron’s latest earnings release for the quarter ending November 30, the company reported a quarterly revenue of $7.91 billion and net profit of $3.29 billion. In comparison, last year the company earned revenue of $7.35 billion and had a net profit of $3.31 billion.
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Micron Technology, Inc. engages in the provision of innovative memory and storage solutions. It operates through the following segments: Compute and Networking Business Unit (CNBU); Mobile Business Unit (MBU); Storage Business Unit (SBU); and Embedded Business Unit (EBU).
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