Put Micron Technology Back on Your Buy List

by Sam Collins | April 21, 2014 1:38 am

Put Micron Technology Back on Your Buy List

Micron Technology (MU[1]) — I recommended this stock on March 25[2], near $10 with a target of $14. On June 7[3], 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[4], 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[5]. 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.

04 21 14 mu 300x191 Put Micron Technology Back on Your Buy List
Click to Enlarge

chart key 300x84 Put Micron Technology Back on Your Buy List[6]

Endnotes:
  1. MU: http://studio-5.financialcontent.com/investplace/quote?Symbol=MU
  2. on March 25: http://investorplace.com/2013/03/trade-of-the-day-micron-technology-nasdaq-mu-3/
  3. On June 7: http://investorplace.com/2013/06/trade-of-the-day-micron-technology-mu/
  4. on June 27: http://investorplace.com/2013/06/trade-of-the-day-micron-technology-mu-2/
  5. on Nov. 14: http://investorplace.com/2013/11/trade-day-micron-technology-mu/
  6. [Image]: http://investorplace.com/wp-content/uploads/2013/05/chart-key.gif

Source URL: http://investorplace.com/2014/04/trade-day-micron-technology-mu-3/
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