Micron price target raised to $90 from $80 at BMO Capital

BMO Capital raised the firm’s price target on Micron to $90 from $80 and keeps an Outperform rating on the shares ahead of its Q1 results this week. The company has endured one the deepest cyclical downturns in memory, but its fundamentals look to be trending up, and investors are “well dialed into” Micron’s continued upside to estimates from here on, the analyst tells investors in a research note. BMO is also adjusting its assumed earnings multiple for Micron to 15-times from 13-times, which is “appropriate given where we are in the memory cycle”.