Micron Technology (MU) PT Raised to $46.00 at Cowen

Micron Reducing Production Amid 'Worse-Than-Expected CPU Shortages'

Micron Reducing Production Amid 'Worse-Than-Expected CPU Shortages'

"Introduction of server processors that support higher memory densities are likely to fuel demand for its solutions".

Other analysts also recently issued reports about the stock. UBS maintained the shares of MU in report on Thursday, March 21 with "Hold" rating. MKM Partners lifted their price target on shares of Micron Technology to $50.00 and gave the company a "buy" rating in a report on Thursday.

Shares of No. 1 and 2 memory chipmakers jumped in Seoul Thursday after USA -based No. 3 player Micron Technology Inc., announced plans to cut production amid sluggish demand, raising hope for recovery in chip prices and better performance in profitability.

Micron Technology (NASDAQ:MU) had its price objective boosted by Cowen to $46.00 in a research report issued to clients and investors on Thursday, The Fly reports.

Among 12 analysts covering Micron Technology (NASDAQ:MU), 7 have Buy rating, 1 Sell and 4 Hold. The firm has "Buy" rating given on Thursday, November 29 by Barclays Capital.

Several hedge funds have recently made changes to their positions in the company. Northwestern Mutual Wealth Management has invested 0.01% in Micron Technology, Inc.

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In response, Micron shares added 8% to hit $43.35.

Shares have rallied more than 26 percent along with other chip stocks as investors bought into industry executive's reassurances that demand will improve in the second half of the year. American Century Companies Inc. now owns 243,515 shares of the semiconductor manufacturer's stock worth $7,727,000 after buying an additional 128,703 shares during the last quarter. Fosun International Ltd bought a new position in shares of Micron Technology in the 3rd quarter valued at $301,000. The company has a quick ratio of 2.15, a current ratio of 2.90 and a debt-to-equity ratio of 0.11. The company has a market capitalization of $45.26 billion, a P/E ratio of 3.40, a P/E/G ratio of 0.86 and a beta of 1.87. The semiconductor manufacturer reported $1.71 earnings per share (EPS) for the quarter, beating the Thomson Reuters' consensus estimate of $1.67 by $0.04.

Revenue in the current period will be about $4.8 billion, plus or minus $200 million, the Boise, Idaho-based company said Wednesday on a conference call. Micron Technology had a net margin of 43.56% and a return on equity of 41.60%. The business's revenue for the quarter was down 20.6% compared to the same quarter a year ago. Micron Technology has a 52-week low of $28.39 and a 52-week high of $64.66.

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The decision is expected to help bring recovery in overall memory chip industry through improvement in supply and demand as Micron Technology will continue to cut production until stocks are empty. The company operates through four segments: Compute and Networking Business Unit, Mobile Business Unit, Storage Business Unit, and Embedded Business Unit. (NASDAQ:MU) were released by: Investorplace.com and their article: "The 3D XPoint Could Be a True Game Changer for MU Stock - Investorplace.com" published on February 22, 2019 as well as Benzinga.com's news article titled: "Barron's Picks And Pans: Apple (NASDAQ:AAPL), Altria (NYSE:MO), Micron Technology (NASDAQ:MU), Nvidia (NASDAQ:NVDA) And More - Benzinga" with publication date: February 23, 2019.

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