Micron, SanDisk Shares Soar Following Analyst Optimism
SanDisk shares have traded as high as $99.13 Wednesday morning, up 2.049 percent.
Analysts at Bank of America upgraded SanDisk from Underperform to Buy and raised the price target from $80.00 to $125.00.
The analysts noted the company's strong earnings momentum. Bank of America added that concerns over global threats are lessening due to global leadership, stable ASP's and management's commitment on dividends and buybacks.
Micron Technology Reaches New 52-Week High
Micron shares gained more than 4.4 percent Wednesday morning, hitting a new 52-week high of $30.81.
Bank of America analyst Simon Dong-je Woo upgraded the rating on Micron Technology from Underperform to Buy, and raised the price target from $22.00 to $40.00.
Woo commented, "The stock has already moved up strongly (up 33% YTD) but we think further upside will occur,In our view, key catalysts are solid chip pricing environment (tight supply) and cost competitiveness. Our EPS revisions for FY15-16E are c.50% on average at higher/lower ASP/cost. We also expect dividend payment from FY15-end. Lower cyclical risk and higher shareholder return lead to bigger EVA (WACC down vs ROE up); clearly a different cycle."
J. Pitzer from Credit Suisse substantially raised the price target on Micron from $30.00 to $50.00 on Wednesday. Pitzer remarked, "Yesterday's intra-day announcement by Oracle of a soon to be available In-Memory option for its 12C Database underscores, highlights, punctuates, and screams from the top of the highest mountain our UBER BULLISH view on ENTERPRISE DEMAND."
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