Put Micron Technology Back on Your Buy List

MU's trading target is $28, but long-term investors could do much better

   

Micron Technology (MU) — I recommended this stock on March 25, near $10 with a target of $14. On June 7, with the stock at $12.56, I increased my target to $16-plus, citing better prices for DRAM and NAND flash products, Micron’s core business.

I upped my target to $20 on June 27, following better-than-expected fiscal third-quarter earnings. And when the company beat fiscal fourth-quarter estimates, I hiked my price target again to $24 on Nov. 14. The stock ran to a high of $25.68 on Feb. 19.

In the past two months, the consensus estimate has risen from $0.61 per share to $0.68, while fiscal year 2014 (ended in August) estimates have been raised from $2.14 to $3.02.

Now, with a mean analyst target of $28.43 and a strong buy signal from the MACD, MU is back on the list of stocks to buy. The trading target is $28, but long-term investors could do much better than that should they decide to hold this stock.

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Article printed from InvestorPlace Media, http://investorplace.com/2014/04/trade-day-micron-technology-mu-3/.

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