Micron (MU) Initiated with a Hold at Nomura

In a report released today, Romit Shah from Nomura initiated coverage with a Hold rating on Micron (MUResearch Report). The company’s shares closed yesterday at $41.82.

According to TipRanks.com, Shah is a 5-star analyst with an average return of 14.8% and a 59.2% success rate. Shah covers the Consumer Goods sector, focusing on stocks such as Texas Instruments, Nvidia, and Xilinx.

Currently, the analyst consensus on Micron is a Moderate Buy with an average price target of $46.29, representing a 10.7% upside. In a report issued on April 8, Cowen & Co. also downgraded the stock to Hold.

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Based on Micron’s latest earnings release for the quarter ending February 28, the company reported a quarterly revenue of $5.84 billion and net profit of $1.62 billion. In comparison, last year the company earned revenue of $7.35 billion and had a net profit of $3.31 billion.

Based on the recent corporate insider activity of 46 insiders, corporate insider sentiment is negative on the stock. Last month, April Arnzen, the SVP HR of MU sold 21,182 shares for a total of $834,147.

TipRanks has tracked 36,000 company insiders and found that a few of them are better than others when it comes to timing their transactions. See which 3 stocks are most likely to make moves following their insider activities.

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).

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