BMO Capital Upgrades Micron Technology (MU) to Outperform

(Updated - January 7, 2019 8:38 AM EST)

(updated to add analyst comment)

BMO Capital analyst Ambrish Srivastava upgraded Micron Technology (NASDAQ: MU) from Market Perform to Outperform with a price target of $50.00 (from $32.00).

The analyst comments "We are reversing our bearish stance on Micron. While fundamentals will likely get worse before they get better, we believe the shares have bottomed out and are hence upgrading the stock to Outperform from Market Perform. We are also raising our target price to $50 from $32. Our reversal in thinking is driven by a combination of the following two factors - valuation and a structurally more profitable company, which will lead to FCF generation even under rather dire scenarios that we are modeling for."

For an analyst ratings summary and ratings history on Micron Technology click here. For more ratings news on Micron Technology click here.

Shares of Micron Technology closed at $32.70 yesterday.

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