UPDATE: Wedbush Raises Target on Micron Technology to $12.50
Wedbush raises its price target on Outperform-rated Micron Technology (NASDAQ: MU) and raises its price target 25 percent to $12.50 as the company bolsters its NAND position by raising stake in IM Flash and stands to gain by competitor Elpida's demise.
Wedbush says, "We are increasing our PT on Micron Technology (MU) to $12.50 from $10 as we see more upside in the stock following the company's announcement that it has increased its manufacturing stake in IM Flash, and Elpida's unexpected announcement on Monday that it had filed for bankruptcy protection. While Elpida the 3rd largest DRAM supplier's situation is unfortunate, not only do we believe it has likely cemented the DRAM industry's recovery, it likely has accelerated it."
MU closed at $8.88 a share on Tuesday.
© 2014 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.