Zacks Investment Research analysts recently upgraded the rating of Micron Technology (NASDAQ: MU) to a “hold” from an earlier “sell” rating in a report issued by the firm on Tuesday, December 1st. The current target price consensus issued by Zacks to Micron stocks is $67.00. this suggests a potential downside for the semiconductor manufacturing company of about 0.39% since its last close.
Zacks report mentions that the company is currently under growing demand from cloud computing providers for memory chips. Plus, the recent rise in 5G networks has also been one of the major growth drivers for companies like Micron (MU). Owing to increasing 5G networking, there has been a massive rise in the demand for storage and memory, IoT devices, and particularly, wireless infrastructure.
NASDAQ: MU Stocks Rated “Buy”
Micron stocks has recently been the subject of a lot of reports by research analysts. It was recently voted to a “Buy” rating from an earlier “neutral” rating by the Cleveland Research on September 23. The Goldman Sachs Group upgraded the rating from “neutral” to “buy” and also raised the target price for the company to $58.00 on September 14. On September 30, UBS Group issued the rating of “Buy” to NASDAQ: MU stocks. However, they lowered the price target to $61.00 from an earlier $63.00. Barclays decreased the target price to $55.00. Lastly, Piper Sandler gave out another “neutral” rating to MU stocks. Plus, it also marked its price objective at $45.00 on September 30.
Thus, the recent consensus on Micron stocks stands at a “Buy” rating with $63.74 as a consensus on the target price. Several hedge funds have also been involved in buying and selling of NASDAQ: MU shares recently.
MU stocks traded at $3.17 on Tuesday. The company caps at $71.35 billion and has a PE ratio of 28.38 and a PEG ratio of 1.52 along with a beta of 1.27 at the moment.