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Wells Fargo Analyst Maintains Overweight Rating for Micron Technology with Raised Price Target
As of June 5, 2023, Micron Technology (NASDAQ:MU) is being maintained by Wells Fargo analyst Aaron Rakers with an Overweight rating. Rakers has raised the price target of the stock from $70 to $82, indicating a positive outlook for the company’s future.
Industry analysts have predicted a potential upside of 23.15% for Micron Technology’s stock based on their 12-month price targets. This projection is in line with the current trading price of $69.17, which falls within the range predicted by the analysts.
The stock has received a consensus rating of buy, with a median target of 79.27, a high estimate of 135.00, and a low estimate of 45.00. This indicates a positive sentiment towards the company’s performance and potential for growth.
In 2021, Aaron Rakers of Wells Fargo had recommended that investors load up on MU shares. This recommendation, along with the current positive outlook, suggests that Micron Technology may be a promising investment opportunity.
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Mixed Performance for Micron Technology Inc. (MU) on June 5, 2023 with Lower Trading Volume and Positive Revenue Growth
Micron Technology Inc. (MU) had a mixed performance on June 5, 2023, with the stock opening at $69.99 and facing some volatility throughout the day, with a day’s range of $68.29 to $70.55. The trading volume was 13,468,239, which is lower than the average volume of the last three months, which is 16,958,756. The market cap of the company is $75.7B.
The earnings growth for the next five years is expected to be -17.43%. However, the revenue growth for the last year was +11.02%, which is a positive sign for the company. The P/E ratio of the stock is 49.1, and the price/sales and price/book ratios are 2.09 and 1.55, respectively.
On June 5, 2023, the stock faced a minor decline of -1.00%, with a change of -6.19. The next reporting date for Micron Technology Inc. is June 29, 2023, with an EPS forecast of -$1.57. The company operates in the Electronic Technology sector and the Semiconductors industry. The corporate headquarters of the company is located in Boise, Idaho.
Analysts Predict Positive Future for Micron Technology Inc with Consensus Buy Rating and Increased Sales
On June 5, 2023, Micron Technology Inc (MU) had a median target price of $70.00 according to the 31 analysts who offer 12-month price forecasts. This represents a 1.23% increase from the last closing price of $69.15. The high estimate for the stock price is $100.00, while the low estimate is $45.00.
The consensus among 37 polled investment analysts is to buy stock in Micron Technology Inc. This rating has remained steady since May, when it was unchanged from a buy rating. This suggests that investors are optimistic about the future of the company and believe that its stock price will continue to rise.
Micron Technology Inc is set to release its financial results for the current quarter on June 29, 2023. The company reported earnings per share of -$1.57 and sales of $3.7 billion for the current quarter. However, the sales for the current quarter have increased from $3.4 billion in the previous quarter.
The outlook for Micron Technology Inc’s stock is positive. The company has a strong consensus rating among investment analysts, and its financial results for the current quarter show an increase in sales. Investors who are looking for a technology stock to invest in may want to consider Micron Technology Inc.
