UPDATE: Stifel Reiterates Buy Rating, Raises PT on Micron Technology Following F4Q13 Results

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

, and raised the price target from $24.00 to $26.00. In the report, Stifel noted, “Micron's F4Q13 results included one full month of newly-acquired Elpida's income. From our view, the transition has been very smooth with no negative surprises for investors. We believe the company and the memory industry are moving toward a more rational business model. Looking out to next year, it appears both DRAM and NAND Flash demand increases may continue to outstrip supply increases. Considering the increasing capital intensity of memory manufacturing capacity combined with increasingly diversified end markets, we believe this trend could extend for many years. We maintain our Buy rating.” Micron Technology closed on Thursday at $18.43.