Wedbush raised MU's price-target to $120 from $100
Micron Technology, Inc. (NASDAQ:MU) is up 2.5% at $91.97 at last check, after Wedbush upgraded the stock to "outperform" from "neutral," and raised its price target to $120 from $100. The brokerage said fast growth in semiconductor content should translate into greater memory requirements over the next few years, boosting sales. The analyst in coverage also noted Micron Technology is poised to benefit from Western Digital's (WDC) plant disruptions in Japan, and that investors appreciate its growth prospects.
Analysts were already overwhelmingly bullish towards MU coming into today, with 15 of the 19 in question calling the security a "strong buy." Plus, the 12-month consensus price target of $110.03 is a 20.4% premium to current levels.
Digging deeper, Micron Technology stock is bouncing off a floor at the $80 area, after gapping to the $75 level in January. Overhead pressure at the $94 mark has kept these recent gains in check, but the equity is now pacing for its third-straight close above the 40-day moving average, after overcoming this trendline last week. Over the last six months, MU added 29.5%.