After Susquehanna and Mizuho Securities gave Micron (NASDAQ: MU) a Buy rating last month, the company received another Buy, this time from Cascend Securities. Analyst Cascend maintained a Buy rating on Micron yesterday and set a price target of $60.00. The company’s shares closed last Friday at $51.61.
The word on The Street in general, suggests a Moderate Buy analyst consensus rating for Micron with a $61.41 average price target, which is a 17.8% upside from current levels. In a report issued on October 12, Deutsche Bank also upgraded the stock to Buy with a $60.00 price target.
Based on Micron’s latest earnings release for the quarter ending August 31, the company reported a quarterly revenue of $6.06 billion and net profit of $988 million. In comparison, last year the company earned revenue of $4.87 billion and had a net profit of $561 million.
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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.