The link is on Yahoo's news but thought I'd do a cut-n-paste anyways...
Jefferies reaffirms its Buy rating on Micron Technology (NASDAQ:MU) but boosts its price target on the stock by 50 percent from $10 to $15. Analyst Sundeep Bajikar credited the company with solid execution that expanded gross margins quarter on quarter by 600 bps. “Our recent conversations with investors in Europe indicate the power of Moore Stress in driving structurally favorable DRAM and NAND prices, gross margin expansion, and $2 EPS ex-Elpida, is under-appreciated. We believe there is upside to our Street-high estimates,” he says. Not to be outdone, JP Morgan kept in place their Neutral rating on the stock but improved the price target from $7.50 to $10.50, citing better than expected Q2 report card, better margins, strong demand from NAND, and good DRAM bit supply. The company’s Q2 also inspired Credit Suisse (NYSE:CS) to rate it as Outperform and jack up the PT from $8 to $14.
Okay Gregory Lynn and Chntrade...you can stop hyperventilating now. ;-)
On CNBC for MU shows about 8 different analyst actions/opinions RBC, Stifel, Piper Jaffray, Jeffries, JPM, Nomura, Baird, Sterne Agee......pretty much all raising price targets (ranging from one at $9 all the way to $15). Have a good weekend everyone.
I hear ya but thing is, if (and boy it's been a big if for a while) Micron is about to be profitable, a typical forward PE for a tech company makes this pps grossly undervalued still. Of course, who knows whether they'll ever actually make a profit. Cheers.