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 $49.39, close to its 52-week high of $50.

According to TipRanks.com, Rakers is a 5-star analyst with an average return of 14.8% and a 64.9% success rate. Rakers covers the Consumer Goods sector, focusing on stocks such as Applied Materials Inc, Dell Technologies Inc, and Cisco Systems Inc.

Micron has an analyst consensus of Moderate Buy, with a price target consensus of $49.47, a 0.2% upside from current levels. In a report issued on September 3, Mizuho Securities also reiterated a Buy rating on the stock with a $50 price target.

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Based on Micron’s latest earnings release for the quarter ending May 31, the company reported a quarterly revenue of $4.79 billion and net profit of $840 million. In comparison, last year the company earned revenue of $8.44 billion and had a net profit of $4.33 billion.

Based on the recent corporate insider activity of 52 insiders, corporate insider sentiment is neutral on the stock.

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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).