Micron (NASDAQ:MU) Upgrade

In a research note made public on Tuesday, 6 February, Needham has boosted Micron (NASDAQ:MU) stock to “Strong Buy” and has set one year price target at $76.0. MU’s old rating was “Buy”.

The stock upgrade is welcomed by stock traders, as NASDAQ:MU is at the moment trading 0.76% higher at $48.42 as of 2:16 AM New York time. Micron’s stock is 0% in the last 200 days. It has underperformed the S&P 500, which has surged 6.00% in the same time period.

Out of 23 brokers covering Micron, 17 rate it a Buy, 9 indicate a Hold while 5 suggest a Sell. The highest target is $20 and the lowest is $9 according to Thomson/First Call. The 12-month mean target is $15, which means downside potential of 69.02% over the current price.

Institutional Ownership

Credit Capital Investments Llc had the biggest stake with ownership of 840,000 shares as of Q2 2015 for 15.74% of the equity exposure. Dalton Investments Llc is another bull as the investment professional who is possessing 1.42 million shares of Micron or 10.22% of their equity exposure. In addition, Hilltop Park Associates Llc have 8.22% of their equity exposure invested in the company for 250,000 shares. The New York-based fund Donald Smith & Co. Inc. disclosed it had purchased so far a stake worth about 7.41% of the investment professional’s stock portfolio in Micron. The New York-based fund Quentec Asset Management Llc is also positive about the stock, possessing 15.25 million shares or 5.56% of their equity exposure.

Micron (NASDAQ:MU) Profile

Micron Technology, Inc. is engaged in semiconductor systems. The Company’s portfolio of memory technologies, including dynamic random-access memory (DRAM), negative-AND (NAND) Flash and NOR Flash are the basis for solid-state drives, modules, multi-chip packages and other system solutions. Its business segments include Compute and Networking Business Unit (CNBU), which includes Memory Products Sold into compute, networking, graphics and cloud server markets; Mobile Business Unit (MBU), which includes memory products sold into smartphone, tablet and other mobile-device markets; Storage Business Unit (SBU), which includes memory products sold into enterprise, client, cloud and removable storage markets, and SBU also includes products sold to Intel through its Intel/Micron Flash Technology (IMFT) joint venture, and Embedded Business Unit (EBU), which includes memory products sold into automotive, industrial, connected home and consumer electronics markets.

Micron (NASDAQ:MU) traded up 0.76% on 6 February, hitting $48.42. A total of 11.48M shares of the company’s stock traded hands. This is down from average of 31.85M shares. Micron has a 52 week low of $18.18 and a 52 week high of $49.89. The company has a market cap of $55.83B and a P/E ratio of 11.19.

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