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Why Is Micron Technologies (MU) Stock Up Again Today?
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Shares of Micron Technologies (MU - Free Report) are gaining for the ninth straight day of trading. As the company launches two new solid state drive (SSD) products, it appears that investors and analysts are finally starting to become bullish on the struggling company.
The stock was up $0.31, or 2.56%, to $12.62 as of 2:50 p.m. EDT on Tuesday. MU has not seen the $13 level since January 12, when it peaked at $13.24. Since then, it has hit its 52-week low of $9.31 and is currently down about 15% on the year.
Some of Micron’s recent price action has been thanks to analyst upgrades. The latest came today from Tristan Gerra of Baird. After holding a “Neutral” rating on the stock for nearly nine months, Gerra boosted Micron to “Outperform” and raised his price target from $12 to $18.
Gerra cited new demands from leading manufacturers like Samsung , saying that they “may shift meaningful capacity from DRAM to NAND this second half.”
Gerra’s note comes on the same day that Micron is launching two brand new 3D NAND SSD products. These new SSDs, the Micron 1100 and 2100, promise to be faster, more reliable, more efficient, and more secure.
While it is refreshing to see Micron performing better after such a long rough patch, the company will still need to prove that it can deliver on earnings this year. Over the past 60 days, we have seen seven negative estimate revisions for the company’s quarterly earnings and eight negative revisions for its annual earnings. Investor confidence is improving, but Micron still needs to deliver.
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Why Is Micron Technologies (MU) Stock Up Again Today?
Shares of Micron Technologies (MU - Free Report) are gaining for the ninth straight day of trading. As the company launches two new solid state drive (SSD) products, it appears that investors and analysts are finally starting to become bullish on the struggling company.
The stock was up $0.31, or 2.56%, to $12.62 as of 2:50 p.m. EDT on Tuesday. MU has not seen the $13 level since January 12, when it peaked at $13.24. Since then, it has hit its 52-week low of $9.31 and is currently down about 15% on the year.
Some of Micron’s recent price action has been thanks to analyst upgrades. The latest came today from Tristan Gerra of Baird. After holding a “Neutral” rating on the stock for nearly nine months, Gerra boosted Micron to “Outperform” and raised his price target from $12 to $18.
Gerra cited new demands from leading manufacturers like Samsung , saying that they “may shift meaningful capacity from DRAM to NAND this second half.”
Gerra’s note comes on the same day that Micron is launching two brand new 3D NAND SSD products. These new SSDs, the Micron 1100 and 2100, promise to be faster, more reliable, more efficient, and more secure.
While it is refreshing to see Micron performing better after such a long rough patch, the company will still need to prove that it can deliver on earnings this year. Over the past 60 days, we have seen seven negative estimate revisions for the company’s quarterly earnings and eight negative revisions for its annual earnings. Investor confidence is improving, but Micron still needs to deliver.
Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report >>