Micron (MU) Received its Third Buy in a Row

After Mizuho Securities and Goldman Sachs gave Micron (NASDAQ: MU) a Buy rating last month, the company received another Buy, this time from Rosenblatt Securities. Analyst Hans Mosesmann reiterated a Buy rating on Micron today and set a price target of $165.00. The company’s shares closed last Tuesday at $82.05.

According to TipRanks.com, Mosesmann is a top 25 analyst with an average return of 34.0% and a 74.4% success rate. Mosesmann covers the Technology sector, focusing on stocks such as Applied Optoelectronics, Advanced Micro Devices, and Lattice Semiconductor.

Micron has an analyst consensus of Strong Buy, with a price target consensus of $119.62, which is a 45.7% upside from current levels. In a report issued on March 16, Bernstein also upgraded the stock to Buy with a $94.00 price target.

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Based on Micron’s latest earnings release for the quarter ending November 30, the company reported a quarterly revenue of $7.69 billion and net profit of $2.31 billion. In comparison, last year the company earned revenue of $5.77 billion and had a net profit of $803 million.

Based on the recent corporate insider activity of 69 insiders, corporate insider sentiment is negative on the stock. This means that over the past quarter there has been an increase of insiders selling their shares of MU in relation to earlier this year.

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Founded in 1978 and based in Idaho, Micron Technology, Inc. is a leader in providing innovative memory and storage solutions worldwide. It produces computer memory and computer data storage including dynamic random-access memory, flash memory, and USB flash drives. The company operates through four segments: Compute and Networking Business Unit (CNBU); Mobile Business Unit (MBU); Storage Business Unit (SBU); and Embedded Business Unit (EBU).

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