Wells Fargo Upgrades Micron Technology (MU) to Outperform

Wells Fargo upgraded Micron Technology (NASDAQ: MU) from Market Perform to Outperform saying they see solid upside to their $10-12 valuation target.

The firm states, "When Micron reported February quarter earnings in March, February quarter revenue and earnings were better than we had modeled. Through the rest of the May quarter, even though memory spot prices fell Micron’s contract price negotiations resulted in higher DRAM and NAND contract prices. Today we are raising our May quarter revenue and earnings estimates for Micron’s May and August quarters. Our FY11 revenue estimate increases to $8.76 billion from $8.51 billion and our EPS estimate increases to $0.29 from $0.21. We are leaving our FY12 estimates unchanged for the moment"

For more ratings news on Micron Technology click here and for the rating history of Micron Technology click here.

Shares of Micron Technology closed at $8.49 yesterday.

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