Micron Technology got a price target boost from KeyBanc, on signs of stabilization.
KeyBanc analyst Weston Twigg reiterated his overweight rating on the semiconductor company’s stock. The KeyBanc analysts increased their price target to $58 from $45.
KeyBanc analysts expect memory trends to improve through 2020 excluding a recession, as indicated by Twigg wrote in a note. The analyst believes that Micron is well-positioned to reap the benefits of long-term tailwinds related to compute and storage. Twigg also suggested that DRAM, which accounts for roughly 70% of the company’s revenue, is likely to be a stronger market over the long-term compared to NAND, due to less competition, high barriers to entry, and supply constraints from scaling limitations.
Twigg also expects both NAND and DRAM inventories to drop during the second half of this year, with NAND pricing likely to steadily increase through that period and DRAM pricing likely to stabilize by the end of the year.
The Moving Average Convergence Divergence (MACD) for MU turned positive on February 26, 2024. Looking at past instances where MU's MACD turned positive, the stock continued to rise in of 47 cases over the following month. The odds of a continued upward trend are .
The Momentum Indicator moved above the 0 level on February 22, 2024. You may want to consider a long position or call options on MU as a result. In of 103 past instances where the momentum indicator moved above 0, the stock continued to climb. The odds of a continued upward trend are .
MU moved above its 50-day moving average on February 22, 2024 date and that indicates a change from a downward trend to an upward trend.
The 10-day moving average for MU crossed bullishly above the 50-day moving average on February 29, 2024. This indicates that the trend has shifted higher and could be considered a buy signal. In of 15 past instances when the 10-day crossed above the 50-day, the stock continued to move higher over the following month. The odds of a continued upward trend are .
Following a 3-day Advance, the price is estimated to grow further. Considering data from situations where MU advanced for three days, in of 310 cases, the price rose further within the following month. The odds of a continued upward trend are .
The RSI Oscillator demonstrated that the stock has entered the overbought zone. This may point to a price pull-back soon.
The Stochastic Oscillator demonstrated that the ticker has stayed in the overbought zone for 4 days. The longer the ticker stays in the overbought zone, the sooner a price pull-back is expected.
Following a 3-day decline, the stock is projected to fall further. Considering past instances where MU declined for three days, the price rose further in of 62 cases within the following month. The odds of a continued downward trend are .
MU broke above its upper Bollinger Band on February 26, 2024. This could be a sign that the stock is set to drop as the stock moves back below the upper band and toward the middle band. You may want to consider selling the stock or exploring put options.
The Aroon Indicator for MU entered a downward trend on February 23, 2024. This could indicate a strong downward move is ahead for the stock. Traders may want to consider selling the stock or buying put options.
The Tickeron PE Growth Rating for this company is (best 1 - 100 worst), pointing to outstanding earnings growth. The PE Growth rating is based on a comparative analysis of stock PE ratio increase over the last 12 months compared against S&P 500 index constituents.
The Tickeron Price Growth Rating for this company is (best 1 - 100 worst), indicating outstanding price growth. MU’s price grows at a higher rate over the last 12 months as compared to S&P 500 index constituents.
The Tickeron Profit vs. Risk Rating rating for this company is (best 1 - 100 worst), indicating low risk on high returns. The average Profit vs. Risk Rating rating for the industry is 59, placing this stock better than average.
The Tickeron Valuation Rating of (best 1 - 100 worst) indicates that the company is fair valued in the industry. This rating compares market capitalization estimated by our proprietary formula with the current market capitalization. This rating is based on the following metrics, as compared to industry averages: P/B Ratio (2.449) is normal, around the industry mean (8.882). P/E Ratio (47.369) is within average values for comparable stocks, (119.969). Projected Growth (PEG Ratio) (1.113) is also within normal values, averaging (2.508). Dividend Yield (0.005) settles around the average of (0.021) among similar stocks. P/S Ratio (6.439) is also within normal values, averaging (11.518).
The Tickeron Seasonality Score of (best 1 - 100 worst) indicates that the company is fair valued in the industry. The Tickeron Seasonality score describes the variance of predictable price changes around the same period every calendar year. These changes can be tied to a specific month, quarter, holiday or vacation period, as well as a meteorological or growing season.
The Tickeron SMR rating for this company is (best 1 - 100 worst), indicating weak sales and an unprofitable business model. SMR (Sales, Margin, Return on Equity) rating is based on comparative analysis of weighted Sales, Income Margin and Return on Equity values compared against S&P 500 index constituents. The weighted SMR value is a proprietary formula developed by Tickeron and represents an overall profitability measure for a stock.
The average fundamental analysis ratings, where 1 is best and 100 is worst, are as follows
a manufacturer of advanced semiconductor solutions such as DRAMs, NAND flash memory, CMOS image sensors, other semiconductor components and memory modules
A.I.dvisor indicates that over the last year, MU has been closely correlated with MCHP. These tickers have moved in lockstep 69% of the time. This A.I.-generated data suggests there is a high statistical probability that if MU jumps, then MCHP could also see price increases.