Dallas, Texas 02/20/2014 (FINANCIALSTRENDS) – Micron Technology, Inc.(NASDAQ:MU)has received analyst investor note, parleying higher price target. With nearly 31 analysts reviewing the stock, the average price target is $24.08. The rating across the analyst views is hold. Earlier C.Bernstein had reported a $2 raise in the price target for this company. It has now placed the reported target price is $32, from the previous $30.
Micron Technology, Inc.(NASDAQ:MU) upside is noted at 28.9 % over the earlier closing of the stock.
Micron Technology, Inc.(NASDAQ:MU) have since reached an average price target of $25.42 for the day and have also seen the stock reach new 52-week high of $25.68. Besides, the earnings report for the last quarter has not been promising with per share earnings reported at 30 cents which was well below the estimate of 44 cents.
Micron Technology, Inc.(NASDAQ:MU) however won the revenue earnings round, with $4.04 million, reporting much higher than the estimated earnings of $3.72 billion.
Another forward momentum factoid, which has helped Micron see some upward movement has been the stake held by David Einhornmanaged Greenlight Capital. Filings since, have reported that the investment was to the tune of 23 million shares. By the end of the fourth quarter, Greenlight Capital has owned 47.6 million shares in this stock. Incidentally, this has placed Greenlight Capital as one of the top ten investors in Micron Technology.
The focus for Greenlight Capital interest in this stock has been its great appetite for the near term growth. The move into this stock for Greenlight has been very subtle and they began purchasing Micron stock back in March.
Micron will see quick and fast movement forward into this and couple of next quarters due to the DRAM and NAND memory chip requirement shooting upwards in the next four years or even earlier if technology experts are to be believed.