The company is a global leader in advanced semiconductor systems. Micron’s broad portfolio of high-performance memory technologies, including DRAM, NAND and NOR flash, is the basis for solid state drives, modules, multichip packages and other system solutions. The company’s memory chip solutions enable the world’s most innovative computing, consumer, enterprise storage, networking, mobile, embedded and automotive applications.
Micron and Intel announced recently the availability of their 3D NAND technology, the world’s highest-density flash memory. Flash is the storage technology used inside the lightest laptops, fastest data centers and nearly every cell phone, tablet and mobile device.
Analysts at Jefferies feel that while DRAM pricing was weaker than expected in the first quarter, the company has taken solid supply-side actions, which should help firm pricing.
A few other analysts weighed in on Micron prior to its earnings:
- Needham has a Strong Buy rating but lowered its price target to $40 from $50
- MKM has a Neutral rating but lowered its price target to $30 from $33
- J.P. Morgan has an Overweight rating but lowered its price target to $33 from $37
- Wedbush reiterated a Buy rating with a $31 price target
- Goldman Sachs downgraded Micron to a Sell rating and lowered its price target to $19 from $27
So far Micron has suffered in 2015, shares are down 30% year to date. If Micron wants to get off of its 52-week lows, it’s going to have to start with this earnings.
Shares of Micron were down 1.7% at $24.07 on Wednesday afternoon. The stock has a consensus analyst price target of $35.67 and a 52-week trading range of $23.70 to $36.59.
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