UPDATE: Stifel Raises PT on Micron Technology Following Investor Meetings

In a report published Friday, Stifel analyst Kevin Cassidy reiterated a Buy rating on

, and raised the price target from $20.00 to $24.00. In the report, Stifel noted, “This week we hosted investor meetings with Micron's VP of Investor Relations, Mr. Kipp Bedard. In our view, there was a significant change in the nature of the meetings. While most conversations during our previously hosted Micron management meetings over the past several years had been focused on tactical issues such as the memory cycle, average selling prices and cost reductions, this week's conversations were strategic in nature mainly focused on the structural changes to the memory industry. Meeting seemed to conclude with the thought that similar to other industries following consolidation, the memory market may become rational and profitable. We continue recommending MU shares as we do not believe this view is fully priced into the share price.” Micron Technology closed on Thursday at $17.47.