Put Micron Technology Back on Your Buy List

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

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.

MU Chart
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Chart Key[6]

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

Source URL: https://investorplace.com/2014/04/trade-day-micron-technology-mu-3/
Short URL: http://invstplc.com/1h23yv5