Company Update: Micron Technology, Inc. (MU) Announces Resignation of President Mark Adams

Micron Technology, Inc. (NASDAQ:MU) announced that President Mark Adams will resign for personal health reasons. He will remain with the company untilFebruary 1, 2016, to support the transition.

Adams joined Micron in June 2006 and has served as President since February 2012.

“Mark has been a stellar leader and contributor to Micron’s growth and success during his time with the company,” said Micron CEO Mark Durcan. “We thank him for his dedication and service and wish him the very best with his recovery and into the future.” (Original Source)

Shares of Micron Technology closed last Thursday at $14.16. MU has a 1-year high of $35.52 and a 1-year low of $13.50. The stock’s 50-day moving average is $14.90 and its 200-day moving average is $16.98.

On the ratings front, Micron has been the subject of a number of recent research reports. In a report issued on December 24, Argus analyst Jim Kelleher maintained a Buy rating on MU, with a price target of $22, which represents a potential upside of 55.4% from where the stock is currently trading. Separately, on December 23, Cowen’s Timothy Arcuri maintained a Buy rating on the stock and has a price target of $22.

According to, which ranks over 7,500 financial analysts and bloggers to gauge the performance of their past recommendations, Jim Kelleher and Timothy Arcuri have a total average return of 8.7% and 7.9% respectively. Kelleher has a success rate of 58.7% and is ranked #444 out of 3648 analysts, while Arcuri has a success rate of 52.1% and is ranked #402.

The street is mostly Bullish on MU stock. Out of 21 analysts who cover the stock, 16 suggest a Buy rating , 3 suggest a Hold and 2 recommend to Sell the stock. The 12-month average price target assigned to the stock is $18.83, which implies an upside of 33.0% from current levels.

Micron Technology Inc and its subsidiaries manufactures semiconductor systems. The Company’s products include DRAM, NAND Flash, and NOR Flash, is the basis for solid-state drives, modules, multi-chip packages, and other system solutions.

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