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On Monday, Micron received its most-bullish analyst call ever when Nomura Instinet raised its 12-month price target for the stock to $100 from $55. That projection represents about an 83% upside to MU’s Friday’s close and marks the highest price target out of the 26 research firms that cover the company, according to FactSet.
Nomura’s bullish sentiment is part of a broader trend of analysts becoming more optimistic about the stock. Within the past 60 days, we have seen eight revisions, with 100% agreement to the upside, for Micron’s full-year earnings estimates. The Zacks Consensus Estimate has moved 74 cents higher over that timeframe.
Meanwhile, MU has emerged as one of Wall Street’s hottest stocks over the past two years, having gained well over 400% in that timeframe. The semiconductor manufacturer is also trading with relatively attractive valuation metrics.
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