Micron (MU) Gets a Buy Rating from Wells Fargo

In a report released yesterday, Aaron Rakers from Wells Fargo maintained a Buy rating on Micron (MUResearch Report). The company’s shares closed last Monday at $42.50.

According to TipRanks.com, Rakers is a 5-star analyst with an average return of 13.2% and a 58.8% success rate. Rakers covers the Consumer Goods sector, focusing on stocks such as Applied Materials, Western Digital, and Seagate Tech.

The word on The Street in general, suggests a Strong Buy analyst consensus rating for Micron with a $68.41 average price target, which is a 55.8% upside from current levels. In a report issued on March 11, KeyBanc also maintained a Buy rating on the stock with a $63.00 price target.

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The company has a one-year high of $61.19 and a one-year low of $31.13. Currently, Micron has an average volume of 27.13M.

Based on the recent corporate insider activity of 62 insiders, corporate insider sentiment is negative on the stock. This means that over the past quarter there has been an increase of insiders selling their shares of MU in relation to earlier this year. Most recently, in January 2020, Joel Poppen, the SVP, Legal Affairs, General of MU sold 20,000 shares for a total of $1,139,200.

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Micron Technology, Inc. engages in the provision of innovative memory and storage solutions. It operates through the following segments: Compute and Networking Business Unit (CNBU); Mobile Business Unit (MBU); Storage Business Unit (SBU); and Embedded Business Unit (EBU). The Compute and Networking Business Unit segment includes memory products sold into cloud server, enterprise, client, graphics, and networking markets. The Mobile Business Unit segment offers memory products sold into smartphone, and other mobile-device markets. The Storage Business Unit segment comprises of SSDs and component-level solutions sold into enterprise and cloud, client, and consumer solid-state drive (SSD) markets, other discrete storage products sold in component and wafer forms to the removable storage markets, and sales of 3D XPoint memory. The Embedded Business Unit segment consists of memory and storage products sold into automotive, industrial, and consumer markets. The company was founded by Ward D. Parkinson, Joseph L. Parkinson, Dennis Wilson, and Doug Pitman in October 1978 and is headquartered in Boise, ID.