Micron Technology (MU) Gains as Wells Fargo Lifts Target to $65 Into EPS

Micron Technology (NASDAQ: MU) is up 3% mid-day after Wells Fargo analyst Aaron Rakers raised his price target on the stock to $65.00 (from $55.00) while maintaining an Overweight rating into the company’s upcoming earnings on June 29th.

Rakers maintained F4Q20 (Aug ’20) estimates at $5.375B / $0.83 (street: $5.48B / $0.80) and said more importantly continue to believe investors should consider Micron a $7-$8/share. mid-cycle EPS upside story.

"While we expect Micron to offer up cautious comments on 2H2020 cloud demand / capacity digestion, our industry
checks continue to point to only a moderate (1-2 week) server DRAM inventory build at major cloud vendors; most notable inventory builds seen at system OEMs, in our opinion," the analyst added.

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